Investment in clean energy R&D to exceed KRW 900 billion this year
The government this year will invest KRW 902.9 billion in clean energy research and development (R&D), the Ministry of Trade, industry and Energy said on May 28.
The ministry added that Korea shared its Mission Innovation (MI) implementation status at MI’s fourth annual ministerial conference in Vancouver, Canada.
Announced at the United Nations Climate Change Conference in Paris on Nov. 30, 2015, MI is a global initiative of 23 countries including the U.S., the U.K., Japan and China committed to doubling their public and/or government-directed investments in clean energy R&D by 2021.
All MI member nations have pledged to expand such investments from USD 14.9 billion in 2016 to USD 30 billion in 2021, with Korea aiming to go from USD 490 million to USD 980 million over the period.
Deputy Minister for Energy and Resource Joo Young-Joon said at the conference that Seoul was fully implementing its MI commitment. Korea’s investment in clean energy R&D this year is KRW 902.9 billion (USD 760 million), up 61.1 percent from 2016.
The ministry also announced efforts toward technological innovation through joint R&D projects with other MI member countries in eight priority sectors like smart grids, biofuel and hydrogen energy.