Ecofriendly energy plan announced by ministries

The government unveiled plans to create a new 4.6 trillion-won ecofriendly energy market over the next three years, estimating that the project will generate 14,000 new jobs.

The joint effort by the Ministry of Industry, Trade and Energy; Ministry of Science, ICT and Future Planning; Ministry of Land, Infrastructure and Transport; Ministry of Environment and the Prime Minister’s Office was announced Wednesday during a meeting of ministers related to the economy.

This year alone, the government plans to raise 1.83 trillion won ($1.69 billion) in investment, most of which will come from the private sector (802 billion won). The government will provide 567 billion won, while public institutions will contribute 464 billion won. The majority of public investment will be coming from the Korea Electric Power Corporation, at 445.6 billion won.

Initially, 430 billion won will be invested in the development of technologies that produce clean energy, including solar cells and biofuel, and efficiently dispose of carbon produced from manufacturing. About a quarter of that investment, 100 billion won, will come from private sector contributions to an energy fund.

The new plan includes raising participation in the resource trading market; utilizing the energy storage system; facilitating the production of electric cars and related infrastructure; implementing a solar panel rental system; improving islands to independently sustain their energy demands; developing ecofriendly towns and cities; and promoting zero-energy building, among others

By 2017, 1.9 trillion won will be invested in the development of electric vehicles. The target is to raise sales to 44,000 units in the next three years, as well as establish 575 charging stations across the country and a battery-lease market to provide necessary infrastructure.

The government also hopes to increase the capacity of the resource exchange market, where conserved energy can be traded, from the current 1.6 million kilowatts to 1.9 million kilowatts by 2017. This is equivalent to running four additional liquid natural gas power plants, the government said.

To increase and stabilize the energy supplied, the government plans to expand the capacity and distribution network of the energy storage system to 6.6 million megawatt-hours.

The government will invest 470 billion won until 2017 in making islands energy independent by utilizing renewable sources and storage systems. It will develop nine islands, six in Korea and three overseas. Ulleung Island on the east of the peninsula is the only Korean island that operates on such a system.

To develop the biofuel industry, the government plans to create a 3,000-ton production plant that converts thrown out organic disposals into fuel or chemical products.

The government estimates that these projects will create 14,000 jobs including 7,900 related to electric cars and 1,800 involving the energy storage system.

BY PARK YU-MI, LEE HO-JEONG [lee.hojeong@joongang.co.kr]