South Korea, heavily dependent on energy imports, said on Tuesday domestic firms were likely to beef up investment in renewable energy businesses this year to double their exports of products in the sector.
About 100 firms in Asia’s fourth-largest economy are expected to invest 4.5 trillion won ($4.03 billion) in renewable energy this year, up 23 percent from the previous year, the Ministry of Knowledge Economy said in a statement.
Firms in the South Korea, the world’s No.5 crude oil importer and No.2 liquefied natural gas (LNG) buyer, were projected to export $9 billion of renewable energy products, up 91 percent from last year, the ministry statement said.
One of the world’s fastest-growing carbon polluters, South Korea is seeking to shift from its dependence on fossil fuels by expanding investment in green resources.
The Korean government said last month that it would boost financial support for the new and renewable energy industry this year by nearly a quarter.
South Korean President Lee Myung-bak also said the country would strengthen its new and renewable energy sectors, expecting the sectors to achieve exports of $40 billion in 2015 compared with $4.6 billion in 2009.
In October last year, the South Korean government said it would spend 40 trillion won by 2015 in a combined push by the public and private sectors to boost renewable energy resources.
($1=1118.0 Won)
