South Korea Signs $43 Billion Deal for 'World's Biggest' Offshore Wind Farm
South Korea just signed a $43 billion deal to build what it claims will be the world's biggest offshore wind power facility in a move to achieve carbon neutrality by 2050, according to an initial report from Reuters.
South Korea just signed $43 billion deal for 'world's biggest' offshore wind farm
This deal will help South Korea overcome its inherent energy challenges — since it has few energy resources and imports coal to support roughly 40% of its electricity.
President Moon Jae-in said the relatively small nation's geographical position on the Korean peninsula provides a distinct advantage for sustainable energy rollouts.
"We have the infinite potential of offshore wind power to the sea on three sides, and we have the world's best technology in related fields," said Moon.
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