South Korea revealed a plan to create a new 2 trillion market for clean and renewable energy, reported Yonhapnews.
The plan was announced at a meeting of the Presidential Advisory Council on Science and Technology, chaired by President Park Geunhye.
This project will create more than 10,000 new jobs by 2017. South Korea is set to launch its carbon trading market at the start of next year.
Under this plan, the government will create six new energy-related businesses including rental services for solar energy equipment and electric car services.
The move is a part of the initiative to cut its greenhouse gas emissions by 30 percent from its usual levels by 2030, added the report.
“The country needs to move away from regular emission reduction plans and create new business models that can help fight climate change in a creative way through voluntary participation of the private sector,” the ministry said in a press release.
Besides, the new solar energy service will allow businesses to lend solar panels to other purposes for fees while deriving part of their income from sales of their emission rights.
The six new energy-related businesses will include energy management services, in which a company will help, set up an energy storage system to cut energy use by its clients. Businesses that rent solar panels will also be able to benefit from reduced electricity bills.
In further move, any businesses equipped with energy storage units will be able to engage in a new energy market where they will be allowed to store electricity when the price is low, and sell back to supplier when demand is high.