Korea ups energy R&D budget

Korea will spend $947 million this year for renewable energy development research and nuclear safety projects.

The amount is a 3.1 per cent increase from the 1.01 trillion won spent on energy R&D in 2010.

The money will be used in 69 technology support projects in 10 key areas, according to Yonhapn News Agency. 

Of the total, renewable energy and energy efficiency support will get 223.3 billion won and 215.3 billion won, respectively, followed by 108.8 billion won allocated to energy generation and so-called smart grid projects.

Over 110.1 billion won will be spent on nuclear energy, the ministry said, adding 13 projects, including base isolation R&D, will focus on making nuclear reactors safer from earthquakes.

Such projects are expected to improve the safety of the country’s 21 operational reactors and make locally designed reactors more attractive in the export market.