South Korea Initiates 150 Trillion Won Fund for Offshore Wind Development
The Nuri Baram vessel is set to support the Shinan Ui offshore wind farm, marking the first investment from a new national growth fund. This initiative aims to enhance South Korea's energy security amid rising global tensions and increase the domestic renewable energy sector's competitiveness.
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The Nuri Baram, a 1,600-ton specialized vessel, will depart for the Shinan Ui offshore wind farm in early April, supporting the project as the inaugural investment from a 150 trillion won national growth fund. This fund is designed to attract both corporate and public investment in renewable energy, addressing South Korea's increasing energy security needs amid global geopolitical tensions.
Currently, South Korea's renewable energy share is 10.54 percent, ranking 37th among OECD nations. The domestic sector has faced challenges due to limited technological competitiveness, but innovative financing strategies are emerging to stimulate growth. Experts suggest focusing capital on high-value sectors to enhance the country's energy self-sufficiency.
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