South Korea Becomes Model for Clean Energy Initiatives

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Researched by Industrial Info Resources (Sugar Land, Texas)--In January 2009, South Korea announced its "Green New Deal" as part of an economic stimulus package during the world economic crisis fueled by the Lehman Brothers downfall. In 2009, more than 30 other nations developed policies geared toward renewable and clean energy. The concept of the Green New Deal is not unique to South Korea, but the country is the first to implement the concept in such a widespread manner.

Until 2012, the South Korean government plans to invest more than $38 billion in green growth projects, including nine key environmental projects. One of these is the Four Rivers Project, which is a $17 billion initiative to develop four rivers in South Korea with hydroelectric and solar power projects.

A month after the announcement of the Green New Deal, South Korea announced the National Strategy for Green Growth, an $84 billion plan designed to further encourage development in renewable and clean energy through 2013. The country is becoming a model for green growth, and other countries throughout Asia are turning to South Korea for renewable energy support. Korea International Cooperative Agency (KOICA), on behalf of the government of South Korea, recently pledged aid to Fiji and other Pacific Island countries in order to better the region's renewable energy systems.

The government involvement stretches down to regional and district governments. Several local governments are planning refuse-derived fuel (RDF) production plants and RDF-fired power plants to promote renewable energy and encourage recycling. The private sectors are also getting heavily involved. Investments from companies like Hyundai Heavy Industries Company Limited (SEO:009540) (HHI) (Ulsan, South Korea) are expected to reach $4 billion this year. HHI has begun an extensive foray into wind power and is currently planning the development of $200 million in windfarms. The company is already South Korea's largest wind turbine producer, with the capacity to manufacture 600 megawatts (MW) worth of wind turbines per year.

Currently, Industrial Info is tracking the development of $11.8 billion of total investments that will bring approximately 4.5 gigawatts of renewable and clean energy projects online in the next 10 years. For more information on green energy projects in South Korea and the world at large, please visit Industrial Info Resources' Renewable Energy Database.

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