South Korea To Invest $36 Billion In Renewable Energy By 2020

The country is taking a swift U-turn away from coal and nuclear power.

Credit: Washington Times

U.S. President Donald Trump may believe that climate change is a “hoax” invented by the Chinese, but South Korea leader Moon Jae-in — in addition to dozens of other world leaders — isn’t so willing to believe that 97% of scientists are lying about the threats posed by global warming. In result, the South Korea government will be investing 42 trillion won ($36.6 billion) in developing renewable energy industries — including solar, wind and eco-friendly power plants — by the year 2020.

The new energy strategy was unveiled mid-2016 but is still relevant, considering the country is working tirelessly to meet its clean energy goals. Moon Jae-in supports natural gas and renewable energy sources like hydro and solar, which is why he wants natural gas to climb from 18 percent of power to 27 percent by 2030 and renewables from 5 percent to 20 percent.

As Engadget reports, Moon’s administration is intent on fixing the “skewed” current approach by taxing coal and nuclear power and shrinking — or even completely eliminating — import tariffs on natural gas. The output of old coal plants has been frozen as the country’s leader assesses the construction of planned coal and nuclear facilities.

Credit: Pixabay

The transition will require time so the economy can stabilize as more eco-friendly energy sources are invested in. South Korea heavily depends on coal and nuclear reactors, with a whopping 70 percent of its energy coming from those sources. For this reason, news of the country taking a swift U-turn away from “dirty” energy sources is good news. After all, if a nation so dependent on fossil fuels can transition to run on clean energy, other nations can clearly follow suit.

Because South Korea is the main producer of LG and Samsung, consumers of those products can also feel better about purchasing items made in a country intent on “going green.” What are your thoughts? Please comment below and share this news!

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