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MOTIE Announces 3rd Energy Technology Development Plan

According to Yonhap News,

(SEOUL=Yonhap News) The government will invest KRW 20 trillion for the next decade in the development of safe and effective clean energy technology.

The Ministry of Trade, Industry & Energy (MOTIE) announced the third energy technology development plan at the seventh National Science & Technology Council on December 23.

The vision of the third plan is to become a leader in energy technology by creating new industries and building an innovation ecosystem. The three goals are to strengthen the competitiveness of the energy industry, respond to climate change with technological innovation and boost the productivity of energy technology development.

The council also selected a 17th program, 75 core projects and 274 critical technologies.

It has focused on developing highly efficient clean thermal power, next-generation clean fuel and hybrid and renewable energy for energy supply, and on realizing a highly efficient and low-carbon society to meet energy demand.

MOTIE will invest KRW 20 trillion (government expenses KRW 12 trillion, private expenses KRW 8 trillion) by 2023 to achieve more than 40 percent of the technology commercialization and 90 percent of the technology standards of major sectors.

The goal is to secure technology that is on par with that of advanced countries within a decade in sectors including renewable, hybrid and demand-driven energy storage system (ESS) and energy IoT (internet of things).

The ministry will also help small- and medium-sized companies (SMEs) play a pivotal role in the parts and materials industry by clearly defining the roles of small, medium and large-scale companies and expanding support for SMEs.

MOTIE expects the third energy technology development plan to generate KRW 31 trillion in ripple effects at home and abroad and to create 100,000 jobs in the next decade.

The comprehensive technology development plan includes energy usage, renewable energy technology development and the reduction of greenhouse gas emissions, as stated in the Master Plan for National Energy. The plan must be updated every five and ten years in accordance with the Energy Act.

Copyrights Yonhap News. All Rights Reserved.

Source Text

Source: Yonhap News (December. 23, 2014)

** This article was translated from the Korean.
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