Government cuts budget for renewable energy sector 12 pct next year

The South Korean renewable energy industry, which has been going through the recession, is expected to experience more difficulty next year as the government cut budget for the industry.

The Ministry of Knowledge and Economy (MKE) cut 12 percent of the budget allocated to the renewable energy sector to 860 billion won ($800.75 million) from 977.8 billion won, according to the 2013 budget the MKE submitted to the National Assembly Friday. Of the overall cut, the budget for renewable energy supply expansion suffered the steepest reduction.

The government’s spending on projects aimed at boosting the supply of eco-friendly energy declined 20 percent from 134 billion won this year to 105.9 billion won next year, while the budget for expanding photovoltaic power supply plunged 53 percent to 26.1 billion won from 55 billion won.

For full article see Maeil Business.