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Investment News

2019.05.29
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Seoul to invest KRW 902.9 tn in public R&D on clean energy


According to Yonhap News,

(SEOUL=Yonhap News) On May 28, the Ministry of Trade, Industry and Energy (MOTIE) announced that Korea made public investment worth 902.9 trillion won in clean energy this year to implement Mission Innovation (MI).

Mission Innovation (MI) is a global initiative made in 2016 to double public R&D investment in clean energy technologies over five years until 2021. 23 countries including Korea, U.S., U.K., Japan and China joined.

An official from the MOTIE explained Korea's implementation status during the 10th annual Clean Energy Ministerial (CEM10) and 4th annual Mission Innovation (MI-4) Summit in Vancouver, Canada on May 27-29.

Korea increased investment by 61.2 percent (KRW 902.9 billion) compared to the level of 2016 (560 billion won). Seoul's goal is to invest over 940 million dollars by 2021.

The members have pledged a combined investment of 30 billion dollars (35.5 trillion won) over the next five years, compared to combined investment of 14.9 billion dollars (17.7 trillion won) in 2016.

The official said, "Korea has faithfully implemented the pledges of Mission Innovation," adding that "We will contribute to 8 technology cooperation areas, including smart grids focusing on MI, through joint R&D projects with other member countries."

During the 10th annual Clean Energy Ministerial (CEM10), topics discussed include the expansion of clean power system, and measures to increase energy efficiency in urban areas.

He explained that "the Korean government has pushed for energy transition policy since 2017, striving to create innovative technologies and diverse business models to support transition to clean and safe energy system."

At the summit this year, "Hydrogen Initiative" was suggested.

This initiative focuses on raising awareness of hydrogen as a clean energy source and expand commercialization of hydrogen and fuel cell technologies. 18 countries including Korea, Canada, Japan, and the U.S. joined.

The official said Korea will take more active role in driving hydrogen economy, officiating Korea's participation in the initiative.

Meanwhile, KEPCO 's Open Micro-grid Project won the Award of Excellence from the International Smart Grid Action Network (ISGAN) during a special ceremony at CEM10.

ISGAN is an international organization launched to facilitate inter-governmental cooperation on deployment and expansion of smart grids. It currently has 26 member countries.

eun@yna.co.kr


Copyrights Yonhap News. All Rights Reserved.
Reprint or redistribution without permission is prohibited.


Source Text


Source: Yonhap News (May 28, 2019)

** This article was translated from Korean.

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Seoul to jack up financial support for innovative sectors
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