South Korea will raise incentives for offshore wind farm operators and cut back subsidies on biomass producers to promote more eco-friendly energy sources, the energy ministry said Friday.
The Ministry of Trade, Industry and Energy said it will adjust the incentive rates for renewable energy sources based on their impact on the environment and contribution to helping the country meet its clean energy target.
Under the new system, the ministry will reduce subsidies on solid recovered fuel, a fuel produced by shredding and dehydrating biodegradable waste and recycle materials. The alternative source to fossil fuel is considered less environmentally friendly than wind and solar energy.
Offshore wind turbines near the southern coast of Jeju Island are seen in this photo provided by the state-run Korea South-East Power Co. on Nov. 17, 2017. (Yonhap)
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