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$ 43 billion deal for the world's largest offshore wind farm in South Korea

 A $ 43 billion deal was signed on Friday to build what the South Korean government says will be the world's largest offshore wind complex as it seeks to achieve carbon neutrality by 2050.

South Korea has few energy resources of its own and relies on imported coal, a cheap but dirty fuel, for about 40 percent of its electricity.

$ 43 billion deal for the world's largest offshore wind farm in South Korea

President Moon Jae-in declared the goal of carbon neutrality last year, but at the same time seeks to phase out nuclear power, leaving the country depending on renewables to square the circle.

Moon oversaw the signing of the 48 trillion won ($ 43 billion) agreement to build the complex off Sinan in the southwest of the country, which he said would be seven times the size of the world's largest offshore wind farm.

With a maximum capacity of 8.2 gigawatts, the government is confident that it will be the equivalent of six nuclear power plants.

Moon said the country's position on the Korean peninsula gives it a geographical advantage.

"We have the infinite potential of offshore wind energy on three sides, and we have the best technology in the world in related fields," he added.

The agreement involves 33 different entities, including regional governments, power generator KEPCO, and large private firms such as Doosan Heavy Industries & Construction and SK E&S.

Moon warned that it could take more than five years to start construction, although the government will try to speed up the process.

Seoul last year announced a goal of becoming one of the world's top five offshore wind power powers by 2030.

South Korea also plans to reduce its existing nuclear power plants, currently the country's only significant source of low-carbon energy, from 24 to 17 by 2034, cutting the sector's power output by nearly half.

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