Synopsis
The South Korean government is set to invest 129.3 billion won ($88.6 million) this year to develop technologies aimed at achieving carbon neutrality and maintaining a stable energy supply. Key focus areas include renewable energy innovations and enhancing energy efficiency.Key Takeaways
- Investment of 129.3 billion won for carbon neutrality technologies.
- Focus on renewable energy such as solar and hydrogen.
- Commitment to 40% reduction in emissions by 2030.
- Enhancing energy supply stability amid rising electricity demand.
- Collaboration on international technology projects.
Seoul, Feb 5 (NationPress) The government has announced an investment of 129.3 billion won ($88.6 million) this year to back initiatives focused on developing technologies aimed at achieving carbon neutrality and ensuring a reliable energy supply, as stated by the industry ministry on Wednesday.
The initiatives encompass advancements in renewable energy technologies, including next-generation solar and hydrogen energy, alongside the optimized functioning of nuclear power facilities, which are crucial for South Korea to attain net zero carbon emissions, according to the Ministry of Trade, Industry and Energy, as reported by Yonhap news agency.
South Korea has committed to a 40 percent reduction in greenhouse gas emissions from 2018 levels by 2030 and aims for carbon neutrality by 2050.
A portion of the budget will also be directed towards enhancing the stability of the nation's energy supply in response to the increasing electricity demand driven by advancements in artificial intelligence (AI) and other innovative technologies, in addition to climate change effects.
Specifically, the government plans to allocate 46.2 billion won towards developing technologies for boosting energy efficiency and enhancing power systems, according to the ministry.
Previously, the science ministry announced that South Korea would invest 86.2 billion won ($59.3 million) this year for the development of technologies aimed at combating climate change.
This investment will enable the country to innovate technologies that address global warming, including advancements in carbon-free energy and climate prediction utilizing artificial intelligence (AI), as noted by the Ministry of Science and ICT.
Additionally, South Korea will allocate 208.8 billion won ($143.7 million) this year for global technology collaboration projects to enhance its technological prowess, according to the industry ministry.
This funding represents a 25.9 percent increase from the previous year's figures, as reported by the Ministry of Trade, Industry and Energy.
In detail, South Korea plans to invest 94.2 billion won in international projects aimed at fostering technology development through bilateral cooperation or engagement in multilateral funding initiatives like Eureka and Eurostars led by the European Union.
Furthermore, the country will dedicate an additional 105.2 billion won to establish industrial technology collaboration centers at leading research institutions globally and initiate mid- to long-term joint research endeavors focused on developing core technologies for future growth.
