Tokyo. Despite growing tensions with North Korea, nothing seems to be deterring South Korea from its green growth plan. Most of the industrial news to come out of South Korea seems to be part of the renewable energy economic growth engine, from refuse-derived fuel to solar farms to carbon-neutral cities.
Earlier in the year, President Lee Myung-bak announced that the Korean government would invest in a multibillion-dollar, five-year program that will be centered on the development and commercialization of alternative and sustainable energy. Everything seems to be green-geared, including Korea's determination to become a major contender in the lithium-ion battery race. It's not just about the environment. It's also about economic growth and stability, and energy security, since South Korea has few fossil fuel resources of its own.
The country is rich in other natural resources. Wind, solar, and water-based renewable energy are being heavily developed in the hopes that they will serve as the launching pad for future renewable energy technology. Land reclamation is also taking off as companies not directly associated with industry look for ways to support those that are. Korea Rural Community Corporation (KRC) (Anyang, South Korea) is one such company. As South Korea moves toward complete implementation of the Kyoto Protocol, KRC plans to be in full compliance with the Clean Development Mechanism (CDM) by 2016. The CDM is a flexible mechanism of the Kyoto Protocol that allows non-industrial companies to assist in developing sustainable energy or by assisting industrial accompanies achieve compliance with emission laws.
Although KRC deals mainly in domestic and foreign agricultural projects, it is dedicated to the improvement of rural communities and hopes to aid in reducing carbon dioxide emissions by up to 1.5 million metric tons annually in the near future.
One of KRC's ongoing projects is the Integrated Tideland Reclamation Project, which is taking place on the southwestern coast of South Korea, in the South Jeolla province. The province is well-known for wind projects headed by Hyundai Heavy Industries Company Limited (SEO:009540) (Ulsan, South Korea). Part of the reclaimed areas lies between a couple of islands just off the coast, where KRC has also been developing infrastructure. Korea Southern Power Company Limited (KOSPO) (Seoul), a spinoff of Korea Electric Power Corporation (NYSE:KEP) (Seoul, South Korea), is planning to work with KRC to build a massive windfarm on reclaimed land.
KOSPO, which hopes to begin construction late next year, plans to build the windfarm in five phases, each of which will include between 40 and 60 pylons. By the time the $360 million windfarm is completed in 2014, it will be operating at a capacity of between 200 and 300 megawatts.
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The Principles Of Project Management |
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