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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World S.Korean assembly approves renewable energy bill-govt Reuters - Friday, March 19 Send IM Story Print SEOUL, March 18 - South Korea, heavily dependent on oil and gas imports, said on Thursday its parliament had 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, dubbed Renewable Portfolio Standard and submitted in late 2008, to require 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 two percent of the total power generation in 2012, and the requirement will grow by five times to 10 percent in 2022. "The government expects this move to help increase renewable energy consumption rates, which are relatively at much lower levels compared with developed countries, while contributing to reducing greenhouse gas emissions," the statement said. Renewable energy accounted for 2.4 percent of South Korea's total energy consumption in 2008. The country aims to increase that to 11 percent by 2030. "Through RPS, the government also expects to create large-scaled renewable energy markets, which will help domestic firms to actively invest and help related industries to expand," the statement said. The government estimated in the statement that a renewable energy market worth 4.1 trillion won would exist by 2012, rising to 54 trillion won by 2022. Last month South Korea, the world's No. 5 crude importer and No. 2 liquefied natural gas buyer, estimated the country's renewable energy investment would hit reach 5.5 trillion won this year, up 52 percent from 2009, mainly on facility expansion and research and development for solar, wind power and fuel cells. Of the total, private companies are expected to invest 3.9 trillion won, the central and local governments 0.9 trillion won and public institutions the remainder. [ID:nTOE61202L] Industry experts and analysts have been saying that the approval of the renewable energy bill at the parliament would be key to push for local renewable energy market development. The approval of the bill has been delayed as the assembly became deadlocked over a plan by President Lee Myung-bak to clean up the country's four major rivers and his move to drop a campaign pledge to move parts of the government out of Seoul. [ID:nTOE5BU02Z] South Korea last year has made a major push for green growth, joining global efforts against climate change to revitalise Asia's fourth-largest economy by creating jobs in new technology sectors. Private firms followed the government's move with billion dollars of investments. [ID:nSEO34038][ID:nTOE5BG026] South Korea said last July it would invest 107 trillion won, or 2 percent of its annual GDP, in environment-related industries over the next five years, hoping to create up to 1.81 million jobs. [ID:nSEO61955] Samsung Group said it would join solar the cell business via Samsung Electronics <005930.KS> and the wind power business via the world's No. 3 shipbuilder, Samsung Heavy Industries <010140.KS>. The world's top shipbuilder, Hyundai Heavy, said it spent up to 300 billion won in the solar cell sector in 2008-2009.[ID:nSEO334233] Recommend Send IM Story Print Related Articles Hollywood and Bollywood join arms to fight piracy AP - 45 minutes ago Russia Agricultural Bank places 30 bln rbl Eurobond Reuters - 51 minutes ago GLOBAL MARKETS-World stocks, euro dip on renewed Greek worries Reuters - 58 minutes ago S&P, Nasdaq slip after Philadelphia Fed data Reuters - 1 hour 1 minute ago Sberbank sees loan growth a bit above inflation Reuters - 1 hour 5 minutes ago News Search Top Stories Siemens to revamp IT unit, cut 4,200 jobs Greek PM warns could resort to IMF Study shows Aussie dingo may be world's oldest dog US children get Playboy, not Bugs Bunny in cable mixup Omega 3 supplement targets bowel cancer risk: study More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended US children get Playboy, not Bugs Bunny in cable mixup Omega 3 supplement targets bowel cancer risk: study Population surge outstrips efforts to eradicate slums Caracas weeps for its dead after bloody weekend Study shows Aussie dingo may be world's oldest dog More Most Viewed » Chile quake moved Earth's axis, shortened days: scientist Experts confirm asteroid wiped out the dinosaurs 'Britain's Fritzl' raped daughters for over 25yrs Researchers back cancer-fighting properties of papaya Common weed-killer chemically castrates frogs: study More Most Recommended » Elsewhere on Yahoo! 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