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Firms to be required to meet usage targets
November 05, 2009
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| More government support for renewable energy is coming, along with state-mandated targets for cutting greenhouse gas emissions. The Ministry of Knowledge Economy announced yesterday that the goals for reducing emissions will be enforced starting next year at companies that consume more than 500,000 tons of oil equivalent, or TOE. One TOE is equivalent to the energy generated from burning one ton of crude oil. The ministry said there were 46 businesses whose energy consumption exceeded 500,000 TOE, including leading steelmaker Posco and SK Energy. In 2011, 222 more firms that use more than 50,000 TOE annually will become subject to the energy management program, which will finally expand to include 423 companies that use more than 20,000 TOE a year later. Also, public institutions and large buildings that consume over 10,000 TOE will be subject to the emissions targets in 2011. Under the energy management system, each company will have to submit plans to reduce their energy consumption and undergo evaluations by the government every year. If the company fails to meet its target, it will be subject to a fine of up to 10 million won ($8,490). The government also announced plans to raise the proportion of Korea’s energy generated from nuclear power plants, which emit no carbon dioxide, to 41 percent by 2030. In order to meet this target, the ministry said it would designate two or three new sites for nuclear power plants by 2012, after thorough research. The government plans to encourage the private sector to participate in the construction of the new nuclear power plants, while reforming the electricity wholesale system. Other plans include the completion of a “smart grid” that would distribute power more efficiently by 2030. The conservation and renewable energy blueprints were set to be presented during a meeting of the Presidential Committee on Green Growth to be held later today. By Lee Ho-jeong [ojlee82@joongang.co.kr] |
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