SEOUL, Mar. 8 (Korea Bizwire) – The South Korean government plans to make mandatory the use of highly efficient products and provide incentives to eco-friendly generating facilities for a more competitive renewable energy industry.
The initiative is expected to help prevent less efficient Chinese products from taking over the South Korean market, and develop highly efficient, eco-friendly products to catch up with leading competitors.
The South Korean Ministry of Trade, Industry and Energy announced the plan on Thursday and collected feedback from representatives of the renewable energy industry.
The ministry introduced three new programs for carbon certification, minimum efficiency standards, and stricter KS certification currently under review.
The carbon certification program regulates the total volume of greenhouse gas emissions during the entire cycle of production.
The ministry is planning to give more REC (renewable energy certificate) weight to solar panels and wind turbines that emit less greenhouse gas during the production cycle.
The program is scheduled for implementation next year based on the results of various studies and a detailed blueprint currently being developed.
The new minimum efficiency standards compels the use of products that meet a certain level of efficiency.
A 1 percent increase in the efficiency of solar panels can generate savings of 4 percent to 6 percent in terms of the space required to install them.
Industrial representatives welcomed the plan, saying that the new initiative will significantly contribute to the development of the renewable energy industry.
They vowed to make efforts to close the technological and price gap with leading competitors, asking for government support to expand the domestic market, conduct research and development (R&D) and collect sources of investment.
The ministry said it will review plans to support the development of next generation technology that will help increase competitiveness and prepare for the future.
“The renewable energy industry is expanding worldwide,” said Sung Yun-mo, the Minister of Trade, Industry, and Energy. “This is our chance to achieve sustainable competitiveness, and we cannot miss it.”
H. M. Kang (email@example.com)