Suwon, Korea – The Korean government has allocated the equivalent of US$14.2 billion for an energy efficiency initiative that will run until 2012 and is expected to save the equivalent of 34.2 million tonnes of oil. The initiative includes a 16.5 per cent increase in average automobile fuel economy by 2012.

The initiative is part of Korea’s long-term energy plan, announced in August 2008, that will ultimately produce a 46 per cent improvement in overall energy efficient by 2030.

To meet its targets, the government will invest the equivalent of US$930 million in seven core technologies, including green vehicles, energy management systems, electric power, energy storage, LED lights, improved energy-efficient appliances, and green home appliances.