SEOUL, Dec. 12 (Korea Bizwire) – The key focus of a 47.5-billion-won ($40.6 million) government project announced Monday will be on demonstrating and implementing viable technologies that can turn greenhouse gases or carbon compounds (CO and CO2) from industrial complexes into useful chemical materials, such as methanol.
The project will be jointly conducted by the Ministry of Science, ICT and Future Planning, the Ministry of Trade, Industry & Energy, and the Ministry of Environment, with the ultimate goal of reducing annual greenhouse gas emissions by 25 million tons by 2030, while also creating economic benefits worth 16.3 trillion won.
The project will begin in 2017 with the launch of an official government organization that will demonstrate the technology to produce chemical materials using 95-percent pure CO isolated and refined from greenhouse gasses.
In 2018 and 2019, the project will have successfully refined 9 tons of CO to produce 3 tons of chemical materials, annually, with the numbers multiplying by a thousand times each by 2022, officials anticipate. A total of 27.3 billion won – 17.8 billion from the government and the rest from private enterprises – will be injected into the project.
Meanwhile, a separate venture will focus on creating minerals with CO2 to be used to fill up the country’s depleted mines. The goal, according to officials, is to create 30,000 tons of the fill materials by 2020 using 6,000 tons of CO2 collected each year. A total of 20.2 billion won, 16.2 billion of which will be funded by the government, will be invested.
“We’ll be researching and substantiating the technology to confirm, on a larger scale, various factors prior to commercialization,” said an official from the MSIFP. “This is the part where we’ll determine what kind of instruments are needed, with what devices the research facilities will be equipped with, and the guidelines for operating the establishments.”
The MSIFP has so far signed business agreements with provincial and city governments – Gangwon, North Chungcheong, Gwangyang, and Yeosu – the Korea Southern Power Corporation, Hanil Cement, POSCO, and LG Chem to assist with the new project.
By Kevin Lee (firstname.lastname@example.org)