Renewable Energy On The Rise In 2011

Online, January 6, 2011 (Newswire.com) - As a leading economy in Asia, South Korea's commitment to increase its renewable sector funding by 24% year on year is a good sign for green tech companies in the region. South Korea is the worlds 5th largest consumer of crude and second largest buyer of liquefied natural gas. In an effort to reduce their dependence on energy import the government has pledged nearly $900 million to renewable energy projects.

Analyst Young-Jae Paeng with Asian Green Technology Holdings out of Hong Kong believes that this kind of government commitment is the beginning of a trend throughout the region. "China is investing heavily in building infrastructure to support green technologies for the world. Malaysia, Taiwan, and South Korea are all doing the same. Thailand, Indonesia, and the Philippines all have incredible projects underway that span the spectrum of available green technologies... there isn't any where you can go anymore where people aren't embracing renewable technologies."

"South Korea is just another example of government support that will enable much more rapid adoption of available technologies as well as support for the development of improvements and entirely new technologies."

South Korean President Lee Myung-bak expects renewable energy to become a driving force in their economy and anticipates sector exports exceeding $40 billion by 2015 compared to only $4.6 billion in 2009. As one of the world's fastest growing carbon polluters, South Korea intends to rapidly transition from its dependence on imported fossil fuels to local renewable energy.

Asian Green Technology Holdings plans to invest throughout 2011 in companies that are both producers and developers of technologies that will enable this transition over the next 10 years.