Jeonnam Province Lays Foundation for Future Energy Industry Development

Secured 74.7 Billion KRW in National Funding for the Energy New Industry Sector

Jeonnam Province has laid the groundwork for the development of the future energy industry.

The province announced on the 5th that it secured 74.7 billion KRW in national funds for the new energy industry sector in the 2024 government budget proposal.

The reflected projects are urgent initiatives in the energy sector, including expansion of energy infrastructure, technology development and industrial support, energy welfare, and workforce training. They are expected to become a sustainable growth foundation for Jeonnam's energy industry.

Onshore wind power photo of Jaeundo, Jeonnam.
[Photo provided by Jeonnam Province]

Regarding the expansion of energy sector infrastructure, the province secured 5.6 billion KRW for establishing an energy new material industrialization platform to support early commercialization through the development of execution technology systematizing a series of process technologies from materials-devices-modules-systems; 300 million KRW for the establishment of a next-generation grid semiconductor center; 2.5 billion KRW for the establishment of an offshore wind power convergence industrialization platform; 1.6 billion KRW for undergrounding power lines to improve urban aesthetics and prevent safety accidents; and 2 billion KRW for building a small-scale distributed energy integrated management platform to reduce greenhouse gas emissions and stabilize the power system.

In relation to technology development and industrial support infrastructure such as power equipment, the budget includes 4 billion KRW for developing eco-friendly parts recycling and remanufacturing conversion technology to promote carbon neutrality and a circular economy through the spread of electric vehicles; 1.7 billion KRW to support the activation of the energy industry convergence complex; and 3 billion KRW for developing remanufacturing technology and infrastructure for aging power equipment.

Additionally, 1.9 billion KRW was allocated for establishing a digital transformation infrastructure for power equipment to enhance small and medium-sized enterprises' capabilities in intelligent power equipment technology development; 2.8 billion KRW for technology development to improve the reliability of water electrolysis systems; 2 billion KRW for regional flagship industry fostering projects; and 1.8 billion KRW for developing and demonstrating smart farm-linked operation technology utilizing fine dust reduction-type chimney waste heat, all contributing to the medium- to long-term development of the energy industry.

For energy welfare budgets that residents can feel directly, 5.5 billion KRW was allocated for mid-scale LPG pipeline network construction; 10 billion KRW for the Hwasun mining site mine damage prevention project; 11.2 billion KRW for new renewable energy convergence support projects to prevent global warming and reduce energy costs for low-income households; 500 million KRW for energy welfare projects for vulnerable groups; and 600 million KRW for LPG container household facility improvement projects to prevent gas leak accidents.

Furthermore, 1 billion KRW was allocated for the regional energy cluster talent development project, which will promote the training of demand-tailored professionals equipped with both specialized knowledge and field experience.

Jeonnam Province plans to continue making every effort during the National Assembly review process to ensure the inclusion of additional necessary budgets, such as the creation of a global innovation special zone for the new energy industry, a pilot project for a national demonstration research complex responding to carbon neutrality, and the establishment of a joint research and demonstration base for offshore wind farm operation technology.

Kang Sang-gu, Director of the Energy Industry Bureau of Jeonnam Province, said, “The projects reflected in the government budget proposal are expected to serve as a foundation for the sustainable future development of the energy industry, including accelerating the attraction of global companies led by distributed energy and offshore wind power.” He added, “We will continue to communicate closely with the National Assembly and make every effort until the end to ensure that the necessary budgets are additionally reflected.”

This content was produced with the assistance of AI translation services.