By Park Si-soo
The government said Wednesday that it will invest 4.6 trillion won by 2017 to help boost the clean and renewable energy sector and increase the use of electric vehicles.
This year alone, it will spend 1.83 trillion won, including 800 billion won raised in the private sector, according to a plan approved at an economic ministers’ meeting. The related market is expected to be worth 4.6 trillion won by 2017.
To that end, the Ministry of Trade, Industry and Energy will launch various campaigns encouraging private companies to build basic infrastructure for electric vehicles on Jeju Island, such as battery lease station and recharging facilities. The ministry will also revise regulations to boost transactions of used electric cars, as well as repair and insurance services.
Apartments and other buildings with multiple households will benefit from the state-backed rental of a solar power generator, an extension from the existing policy that benefits only independent single houses, according to the ministry.
In addition, the ministry will work to increase the number of energy-sufficient islands to nine from the current total of one. Such islands will rely on clean, renewable energy, as well as energy storage systems, to permanently break away from using fossil fuels.
Ministry officials said this is all part of a solid action plan made in line with eight key energy agenda items announced in July last year--the megawatt market, energy storage systems, self-sufficient islands, the use of wasted heat from power plants, electric vehicles, the lease of solar power generators, buildings without energy consumption and eco-friendly towns.
“We started drawing the agenda last year,” said an energy ministry officer. “The ultimate goal is creating a business environment in which private energy companies can grow and flourish continuously without the government’s help.”
The measures call for efforts to increase the number of electric vehicles running in the country to 47,000 by 2017 from the current level of 3,000. For this, the ministry will build 575 new fast chargers for plug-in vehicles across the country over the next three years.
Officers said the benefits of developing brand-new technology and clean energy sources will also be extended to other countries, partly through exports but also through the country’s official development aid.
The government plans to help build at least three energy-independent islands in other countries, the ministry said.