South Korean Assembly Approves Renewable Energy Bill

17 March 2010 (Last Updated March 17th, 2010 18:30)

South Korea said its parliament has approved a government bill to hike the country's consumption of renewable energy and support solar, wind power and fuel cell markets. The assembly passed the bill, which requires 14 state-run and private power utilities to boost supplies of renewable

South Korea said its parliament has approved a government bill to hike the country's consumption of renewable energy and support solar, wind power and fuel cell markets.

The assembly passed the bill, which requires 14 state-run and private power utilities to boost supplies of renewable energy starting in 2012, according to a statement from the ministry of knowledge economy.

Under the bill, the utilities should boost renewable energy by 2% of the total power generation in 2012, and the requirement will grow by five times to 10% in 2022, reports Reuters.

"The government expects this move to help increase renewable energy consumption rates...while contributing to reducing greenhouse gas emissions," the statement said.

Renewable energy accounted for 2.4% of South Korea's total energy consumption in 2008. The country aims to increase that to 11% by 2030.