S Korea to invest $89.5mn in net zero, energy security

Market: Electricity, Hydrogen
05/02/25

South Korea today announced plans to invest 129.3bn won ($89.5mn) this year in new research and development projects in the energy sector, to achieve carbon neutrality and ensure domestic energy security.

About W78.7bn will go to 41 projects in the first round of funding this year. These projects will focus on technologies related to "carbon-free" energy such as renewable energy, nuclear power, and hydrogen, among others, South Korea's energy ministry (Motie) said on 5 February.

The ministry will also invest W46.2bn to improve energy efficiency and in power systems, especially given surging power demand driven by artificial intelligence. Motie also plans to invest W56.9bn in securing technologies such as next-generation solar power, flexible operation of nuclear power plants, and large-capacity water electrolysis facilities, to "respond to the climate crisis".

South Korea's science ministry in December 2024 unveiled plans to invest W2.75 trillion in technologies this year to respond to climate change, which included renewable energy technology and "carbon-free" technologies like nuclear power. It is unclear if the latest W56.9bn commitment is part of the W2.75 trillion announced last year or a separate investment.

South Korea in December 2024 also announced plans to invest W450 trillion won in green finance by 2030, then acting president and prime minister Han Duck-soo said before he was impeached later that week. This made deputy prime minister and finance minister Choi Sang-mok the current acting president and acting prime minister.

President Yoon Suk Yeol was impeached on 14 December and has since been arrested. If Yoon is removed or resigns, a presidential election must be held within 60 days, instead of the original election date in 2027.

By Tng Yong Li

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03/04/25

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UK to sign remaining CfDs for first H2 round in May

02/04/25

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02/04/25

UK to sign remaining CfDs for first H2 round in May

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02/04/25

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02/04/25

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LNG stocks at Japan’s power utilities rise

02/04/25

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02/04/25

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