BUSINESS

S. Korea to increase incentives for wind farms

By Yonhap
  • Published : May 18, 2018 - 10:35
  • Updated : May 18, 2018 - 10:35

South Korea will raise incentives for offshore wind farm operators and cut back subsidies on biomass producers to promote more eco-friendly energy sources, the energy ministry said Friday.

The Ministry of Trade, Industry and Energy said it will adjust the incentive rates for renewable energy sources based on their impact on the environment and contribution to helping the country meet its clean energy target.

Under the new system, the ministry will reduce subsidies on solid recovered fuel, a fuel produced by shredding and dehydrating biodegradable waste and recycle materials. The alternative source to fossil fuel is considered less environmentally friendly than wind and solar energy.

Offshore wind turbines near the southern coast of Jeju Island are seen in this photo provided by the state-run Korea South-East Power Co. on Nov. 17, 2017. (Yonhap)

The ministry said it will also require large-scale power operators to raise the ratio of renewable energy to above a certain level to promote the use of eco-friendly sources.

The latest scheme is part of efforts to increase the percentage of renewable energy from the current 7 percent to 20 percent by 2030, which would push up clean energy output to 63.8 gigawatts capacity by the target year.

South Korea has been seeking to shift its focus from coal and nuclear energy to renewable energy to cope with worsening air pollution and address public safety concerns over aged atomic power plants. (Yonhap)