Budget minister emphasizes need for renewable energy support, signals inclusion in next year's budget

Budget Minister Park Hong-keun on Friday emphasized greater budgetary support for local renewable energy companies to help them strengthen their competitiveness worldwide.

“The government will spare no effort in supporting domestic manufacturers in securing global competitiveness,” Park said during a meeting with industry representatives. The remark is seen as a sign that Seoul plans to give full support to the sector going forward.

The meeting took place at the factory of Hanwha Qcells, the renewable energy unit of Hanwha Solutions, in Jincheon, some 85 kilometers (53 miles) south of Seoul.

Responding to industry officials' calls for greater support, Park said the domestic market share of locally made solar cells had declined from around 50 percent to the 4 percent range over the course of the previous administration.

“We will comprehensively review the various concerns and suggestions raised today with relevant ministries and reflect them in next year's budget planning process,” he said.

The policymaker said the government will first ensure the smooth execution within the year of energy transition projects worth about 600 billion won ($408 million) that were included in the supplementary budget.

Yonhap