SEOUL, June 19 (Yonhap) -- The government on Wednesday announced plans to invest 23 billion won (US$20.3 million) this year to develop new carbon capture and sequestration (CCS) technologies that will help reduce the country's greenhouse gas emissions and also ensure the country's leadership in the growing global market.
The global market for CCS technologies and facilities is expected to grow to 84 trillion won or $74 billion in 2050, according to the Ministry of Science, ICT and Future Planning.
The country is also moving to voluntarily reduce its greenhouse gas emission by 30 percent from its business-as-usual levels in 2020.
"This year, the country plans to focus on reducing the amount of energy needed to capture carbon dioxide to 2.5 giga joules (Gj) per ton from the current 2.8 Gj/ton, which will be the world's lowest level," the ministry said in a press release.
Such a development will also help reduce the time required to capture carbon dioxide, which, in turn, may lead to the commercialization of the technology, it added.
The country also plans to expand its joint efforts with foreign institutes and scholars to develop indigenous CCS technologies.
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