The move is expected to help the country save $8.9b in energy imports.
The Ministry of Trade, Industry and Energy of South Korea has unveiled plans to cut its primary energy consumption by 14% by 2030, which could help the country save KRW10,800bn (US$8.9bn) on energy imports. This reduction would be achieved through energy efficiency improvements in local factories, buildings and cars. A pilot project for building renovation will be launched in 2020 as South Korea aims to renovate old residential and commercial buildings with more energy-efficiency materials and heating systems. Moreover, energy-efficient home appliances will be eligible to 10% cash rebates, while car energy efficiency regulations will be strengthened.