South Korea to Provide Funding for Nuclear Energy Companies


SEOUL, Aug. 9 (Yonhap) — The Ministry of Trade, Industry, and Energy of South Korea has declared that it will provide a second tranche of low-interest loans worth 150 billion won (US$113.6 million) to help nuclear energy firms, which have been hurt by the former government’s nuclear phase-out policy.

The loan program was established in response to the decreasing sales of the country’s nuclear energy industry, which reached 21.6 trillion won in 2021, a big decrease from the 27.5 trillion won recorded in 2016, as per the Ministry of Trade, Industry, and Energy.

Under the Moon Jae-in administration, South Korea chose to reduce the use of nuclear energy and instead increase reliance on renewable energy sources, such as solar power.

During this time, the number of employees in the sector also declined from 37,000 to 35,000, the ministry noted.

The current government, which took office in May last year, has been actively attempting to revive the country’s nuclear energy industry, overturning the phase-out policy.

South Korea provided the first batch of 50 billion won in March.

“Through the second batch of funding, we hope to ease the financial difficulties of more nuclear energy firms and add vitality to the industry,” the ministry said in a statement.

This undated file photo shows the main building of the Ministry of Trade, Industry and Energy in the central city of Sejong. (Yonhap)

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