Longtime US Ally South Korea Bends Knee To The Green Altar
Longtime U.S. ally South Korea is putting green energy on a $747 billion pedestal.
Longtime U.S. ally South Korea is putting green Energy on a $747 billion pedestal.
The government plans to invest 1,000 trillion won in its Korea-Green Transformation (K-GX) strategy through 2035, alongside another 220 trillion won in private-sector investment, according to Yonhap News Agency.
South Korean President Lee Jae Myung called for South Korea to become a leader in the global green economy, saying the country should move beyond “chasing others” and instead become an “architect” of the green market, Reuters reported.
Seoul plans to expand renewable Energy capacity to 100 gigawatts by 2030 and have electric and hydrogen-powered vehicles account for more than 70% of new vehicle sales by 2035. The government is also targeting steel, petrochemicals, refining, cement and semiconductor manufacturing for decarbonization, per the South Korean government’s website.
The strategy echoes Europe’s years-long push to electrify its economy and move away from fossil fuels. European Commission President Ursula von der Leyen doubled down on that strategy in April, calling