S Korea to expand support for development of renewable energy

South Korea has decided to expand support and investment for development of renewable energy as the government seeks to cope with challenges posed in the industry amid Europe's debt crisis by aggressive supply of renewable energy, the Presidential Committee on Green Growth said in a press release Monday. The committee briefed President Lee Myung-bak on the preparation process and a range of policy measures on sustainable green growth. The committee said that the government will extend support for export financing in the green industry that covers renewable energy from 6.6 trillion won (5.9 billion U.S. dollars) in 2010 to 10.5 trillion in 2012, according to the press release. Research and development (R&D) for renewable energy will see a two-fold increase by 2015 compared with the current size, it said. "The government has decided to pursue more aggressive supply of renewable energy in the face of Europe's debt crisis," an unnamed high-ranking official from the presidential office Cheong Wa Dae was quoted by Yonhap news agency as saying.