Energy Ministry To Announce Renewable Energy Promotion Plan

South Korea's energy ministry said Tuesday it will announce a comprehensive plan to develop the renewable energy industry to make it the nation's new economic growth driver.

SEJONG, (APP - UrduPoint / Pakistan Point News - 30th Oct, 2018 ) :South Korea's energy ministry said Tuesday it will announce a comprehensive plan to develop the renewable energy industry to make it the nation's new economic growth driver.

Sung Yun-mo, minister of trade, industry and energy, said the government will expand support for local companies with advanced technologies in clean energy sources, such as wind and solar power, to meet its renewable energy target.

The ministry has set a goal of increasing the portion of renewable energy from the current 7 percent to 20 percent by 2030 and phase out aged nuclear reactors.

"We will collect various opinions from the renewable energy industry to create a dynamic industrial ecosystem under the energy transformation policy," Sung said during a visit to Human Composite Co.

, a local wind turbine blade manufacturer based in Gunsan, 274 kilometers south of Seoul.

The policymaker said the government will seek ways to upgrade the renewable energy industry's competitiveness to help local firms' bids to enter the global market.

The ministry plans to unveil detailed plans to increase domestic demand and support the research and development efforts to build key parts for solar and wind power plants with indigenous technology.

Currently, South Korea operates 24 nuclear reactors that generate about 30 percent of its electricity. Under the nuclear phase-out plan, the nation's 10 oldest reactors will be retired by 2030 as their operational life cycles expire one by one.