Among the 10 key projects of the Korean New Deal, one aims to expand renewable energies in the power sector.
Several key low-carbon energies are tageted by this measure:
- Wind power: Help to develop test sites in at least 13 areas
- Solar power: Introduce profit-sharing programs among residents, increase loans and support installation costs
- Hydrogen: Develop all the source technologies needed from generation to consumption, and build "hydrogen cities"
The government also aims to support the transition from fossil fuel generation to renewable energy generation, and to develop evaluation standards for cooling and heating with river water.
A total of 4.5 trillion won (3.7 trillion won from fiscal investment) will be invested by 2022, creating 16,000 jobs, and by 2025 a total of 11.3 trillion won (9.2 trillion won from fiscal investment) will be invested, creating 38,000 jobs.