South Korea to Invest $36 Billion into Renewable Energy by 2020

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Myeongdong, Seoul, South Korea

The leader of South Korea, Moon Jae-in – in addition to dozens of other world leaders – believes that 97% of scientists aren’t lying when it comes to the threats posed by Global Warming. As a result, the government of South Korea will be investing 42 Trillion Won (OR $36.6 Billion USD) into developing renewable energy industries – which include solar; wind, and other eco-friendly power plants – by the year 2020.

South Korea Leader Moon Jae-in Image Credit: Wikipedia.org

This new energy strategy had been unveiled in the middle of 2016; and it is still relevant, considering the country has been working tirelessly to meet its clean and renewable energy goals. Moon Jae-in is a supporter of natural gas and renewable energy sources such as hydro, and solar. This is why he desires the countries natural gas usage to rise from 18 percent of power; up to 27 percent by the year 2030, and wants re-new-able energy to climb from five percent, to 20 percent.

Engadget reported that Moon’s administration has intentions to fix the current “skewed” approach by taxing coal and nuclear power. They even want to completely eliminate import tariffs on natural gas. The countries’ output of coal power plants has been frozen; as the South Korean leader assesses the construction of planned coal and nuclear facilities.

This transition requires time; so their economy can stabilize as additional eco-friendly energy sources are invested into. Right now; South Korea is heavily dependent on coal and nuclear reactors, with a 70 percent majority of its energy coming from those sources. It is for this reason; that news of the country taking an abrupt U-turn away from “dirty” sources of energy is good news. If a nation which relies so much on fossil fuels can transition into running on clean energy; other nations will clearly want to follow in their footsteps.

Since South Korea is the key producer of LG and Samsung, consumers of those products can also feel better about item purchases made in a country with intentions for “going green”.

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Kyle James Lee is the Majority Partnership holder of AEGIS Alliance, The. He studied in college for Media Arts & Game Development. Talents include Writer, Graphic Design, Web Design, Owner/Operator of FB.ME/AEGISAlliance , and Video Editing.

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