New and renewable energy is an energy source which can help reduce or replace petroleum based energy. It can also mean new and renewable energy sources that can contribute in more specific ways.
2) New and Renewable Energy Sources
Korea has designated eleven categories for new and renewable energy sources. These sources will be used in the future instead of petroleum, coal, nuclear energy, and natural gas (Article 2 of New and Renewable Energy Development, Use and Supply Encouragement Law).
Below is a list of the new and renewable source categories:
- Eight categories of renewable energy: solar heat, photovoltaic power generation, biomass, wind power, small hydroelectric power, geothermal heat, marine energy, and waste energy.
- Three categories of new energy: fuel cell, coal liquefaction and gasification, and hydrogen energy
3) The Importance of New and Renewable Energy
- Because of recent instability of oil prices and the regulation of the United Nations framework convention on climate change, new and renewable energy has become even more important. Therefore, there must be more variety in the way energy is supplied.
- If new and renewable energy can become price competitive, it will become the energy of the next generation, along with business models such as IT, BT, and NT.
- Korea’s goal is to have 5 percent of total energy supplied by renewable energy in 2011. To achieve this goal, Korea will provide additional support for developing new and renewable energy technologies as well as for businesses who supply this new and renewable energy.