The main focus will be on the construction of renewable projects by state-run power company Korea Electric Power in an attempt to reverse South Korea's complete dependence on oil imports while remediating environmental impacts.
As of 2004, renewable energy made up only 2.3% of South Korea's domestic energy, compared to some European nations whose usage runs into double digits.
The three-year project is expected to produce 210,000 tonnes of oil equivalent energy, equal to the consumption of 1.59 million barrels of crude oil.
Although this would amount to only 0.2% of the nation's annual petroleum demand, government officials stressed it would lead to a 170,000 tonne cut in the production of greenhouse gases.
Official government statements cited a concern over rapidly rising global oil prices as a primary motivation for steering South Korean infrastructure away from oil dependence.
EnvironmentalManagementNews.net
