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S. Korea to Invest W26b into Developing Energy Technologies
Source: koreaherald.com
Source Date: Sunday, November 28, 2010
Focus: Institution and HR Management
Country: Korea (Republic of)
Created: Nov 30, 2010

The government plans to inject 26.2 billion won ($22.7 million) over about five years in a range of energy technology projects aimed at developing resources and improving energy efficiency, the Ministry of Knowledge Economy said Sunday.

The 31 projects involve securing overseas resources including lithium through technology sharing, developing carbon capture technology and reducing energy consumption at large plants.

The ministry expects that when completed in 2015, the projects will be able to create around 3,000 jobs and reduce the countrys greenhouse gas emissions by 642,000 tons annually.

We plan to develop a core technology which will enable us to obtain the right to extract a large amount of high-quality lithium from foreign salt lakes by sharing it with partner countries, ministry officials said.

The country wholly relies on imports for lithium. The demand for lithium used in batteries to power mobile electronic gadgets and electric cars is expected to rise sharply.

The ministry also said it will support the research and development of carbon capture and storage technology.

The projects will be conducted in cooperation with the domestic companies concerned.

Samsung Electronics and LG Electronics will collaborate in developing energy-efficient heat pumps within the next five years to enter the global heat-pump market which is currently dominated by advanced nations.

Samsung will concentrate on producing small-sized absorption chiller/heaters and LG will focus on manufacturing bigger ones.

POSCO and Hanil Cement Co., will cooperate so that byproducts from steel production will be recycled for making cement, thus reducing energy consumption and materials costs.

Meanwhile, Minister of Knowledge Economy Choi Kyung-hwan opposed the carbon emission trading which the government plans to adopt starting 2013, in a separate event on Friday.

The minister said in a budget-planning committee at the National Assembly that the country should drop the talk of adopting the policy as it could severely damage local business.
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