SEOUL (Reuters) - South Korea unveiled a 48.5 trillion won ($43.2 billion) plan to build the worlds largest wind power plant by 2030 as part of efforts to foster an environmentally-friendly recovery from the COVID-19 pandemic.<\/p>\n
FILE PHOTO: General view of the Walney Extension offshore wind farm operated by Orsted off the coast of Blackpool, Britain September 5, 2018. REUTERS\/Phil Noble\/File Photo<\/p>\n
The project is a major component of President Moon Jae-ins Green New Deal, initiated last year to curb reliance on fossil fuels in Asias fourth-largest economy and make it carbon neutral by 2050. [S6N29P01A]<\/p>\n
Moon attended a signing ceremony in the southwestern coastal town of Sinan for the plant, which will have a maximum capacity of 8.2 gigawatts.<\/p>\n
With this project, we are accelerating the eco-friendly energy transition and moving more vigorously toward carbon neutrality, Moon said at the event.<\/p>\n
Utility and engineering companies also attended, including Korea Electric Power Corp, SK E&S, Hanwha Engineering & Construction Corp, Doosan Heavy Industries & Construction Co., CS Wind Corp and Samkang M&T Co.<\/p>\n
The companies will provide 47.6 trillion of the required funding and the government the remaining 0.9 trillion, Moons office Blue House said.<\/p>\n
It said the project would provide up to 5,600 jobs and help achieve a goal to boost the countrys wind power capacity to 16.5 GW by 2030 from 1.67 GW now.<\/p>\n
The envisaged 8.2 GW amounts to the energy produced by six nuclear reactors, or the effects of planting 71 million pine trees, officials said.<\/p>\n
To date, the worlds largest offshore wind farm is Hornsea 1 in Britain, which has 1.12 GW capacity.<\/p>\n
($1 = 1,123.4000 won)<\/p>\n
Reporting by Hyonhee Shin; editing by Barbara Lewis<\/p>\n
<\/p>\n
See the original post here: <\/p>\n
South Korea unveils $43 billion plan for world's largest offshore wind farm - Reuters<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" SEOUL (Reuters) - South Korea unveiled a 48.5 trillion won ($43.2 billion) plan to build the worlds largest wind power plant by 2030 as part of efforts to foster an environmentally-friendly recovery from the COVID-19 pandemic. FILE PHOTO: General view of the Walney Extension offshore wind farm operated by Orsted off the coast of Blackpool, Britain September 5, 2018 Continue reading