South Korea Investing Billions to become Energy Efficient

One of Asia's biggest energy consumers, South Korea is investing $88 billion over the next five years to improve its energy efficiency.

This investment is attracting many South Korean companies into the energy-efficiency trend.

There are 68 energy saving technologies being advertised for homeowners and businesses to use. A model home is being used to advertise such technologies.

The model home uses only half of the energy consumed by an average apartment. And using only renewable energy generated by these technologies, the house is believed to emit zero greenhouse gas.

Kim Wangyeol, Director of Green Tomorrow project, Samsung C&T Corporation, said: "Since Samsung C&T has many apartment buildings, we're applying (the technology) to them first."

"And currently, one third of the 68 technologies have been adopted. We're planning to perfect the rest of the technologies and apply them by approximately 2013."

"I was very impressed with the fact that things I know in theory can all be applied in real life," said one customer already benefitting.

It currently costs about US$1 million to build a green home.

"Currently, Green Tomorrow buildings cost 30 to 40% higher than other buildings. We aim to lower this to 10% by 2015 and pay the cost back over a 10 year period," Kim said.

Samsung is just one of many businesses that are following the green policy put forward by President Lee Myung Bak.

Since 2009, South Korea has been investing 2% of its GDP a year to improve energy efficiency.

And the benefits go beyond just saving the environment. It gives the country a head-start in the environment conservation sector and it helps it citizens and business owners.

South Korea is one of Asia's biggest energy consumers, but it is aiming to cut its carbon emissions by 30% in 2020.

Friday 18th June 2010

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