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Korea Invests in Wind Power for the Long Run
The Korean Ministry of Trade, Industry, and Energy has announced an ambitious wind power program as part of its far-reaching strategy to move the nation away from fossil fuels. When completed, it will supply a total of 2.4 gigawatts of energy to nearly two and a quarter million households.
The project is expected to cost more than $16 billion dollars, to be paid for by the private sector. The initial part of the program will include energy facilities with a combined capacity of four megawatts of power as a part of the study phase. This will be completed in the next three years, with the entire program projected to be completed by 2028.
The wind power program is a significant part of the nation’s plan to increase the use of sustainable energy sources, including solar, wind, and hydrogen, and to substantially reduce dependence on traditional fossil fuels. The ambitious plan envisions an increase in capacity that will reach 12 gigawatts by 2030, and is complemented by a number of other sustainable energy projects in other parts of the country.
It’s all part of Korea’s recently unveiled Green New Deal which pledges to transform the existing fossil-fuel-based economy into one that is at the forefront of an environmental-friendly system. It is anticipated that this will create 650,000 new jobs and help move past the economic slowdown brought on by the COVID-19 pandemic.
President Moon Jae-in visited a wind power plant and a turbine research center on the southwestern coast in his first field inspection since announcing the new Green Deal.
“The government’s goal is clear and is to become one of the world’s top five offshore wind energy powerhouses by 2030, taking advantage of our geographical advantage of being surrounded by water on three sides,” he told a group of gathered energy executives at a wind farm in Buan, about 175 miles southwest of Seoul.
President Moon estimated that the offshore wind energy industry would create up to ten times more quality jobs than other electricity generation sectors. In addition, he said that the program would create new demand for the shipbuilding, steel and construction industries.
“The government will create initial demand through large-scale projects and continue to invest in technology development so that domestic companies can have a competitive edge in both price and technology,” he pledged.