S. Korea to add 2.4 GW of offshore wind farm capacity

South Korea earmarked 14 trillion won for building offshore wind farms with a capacity of 2.4 gigawatts (GW) on its southwestern coast by 2028 to supply power to around 2.24 million households.

The total budget will be raised from the private sector.

The project set to rise in the North Jeolla province is in line with the country's efforts to minimize fossil fuel-powered energy generation.

South Korea, which has been reducing traditional fossil fuel consumption, vowed to expand its offshore wind power capacity to 12 GW by 2030.

The Ministry of Trade, Industry and Energy said the country is on track to reach the target by 2030, with several projects pending in other areas.

It also aims to reach 30 to 35 percent of renewables in its energy mix by 2040, equivalent to 130 GW of renewable energy.

South Korea's current renewable energy capacity is around 11.3 GW.

The country recently unveiled its Green New Deal, which involves spending 73.4 trillion won to becoming more eco-friendly.

The program could generate around 659,000 jobs.