South Korea, who has very limited energy resources, on Friday, signed a $43 billion deal to set up the world’s biggest offshore wind power complex, as it aims to attain carbon neutrality by 2050, reported AFP.

Banking on imported coal – a cheap but dirty fuel – for around 40% of its electricity, Seoul proclaimed a target of becoming one of the world’s top five offshore wind energy powerhouses by 2030.

South Korea’s President Moon Jae-in announced the carbon neutrality goal last year while considering to eliminate nuclear power, leaving the country in reliance on renewables to square the circle.

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He supervised the signing of the 48 trillion won ($43 billion) agreement to build the complex off Sinan in the country’s southwest. He said that it would be seven times bigger than the world’s current largest offshore wind farm.

With a maximum capacity of 8.2 gigawatts, the government is relying on it being the equivalent of six nuclear power stations.

Moon said that the country’s position on the Korean peninsula gave it a geographical benefit.

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“We have the infinite potential of offshore wind power to the sea on three sides, and we have the world’s best technology in related fields,” the President added.

Moon admonished it could take more than five years to begin construction work, however, the government will try to speed-up the process.

South Korea contemplates to remove its existing nuclear power plants – currently the country’s only vital low-carbon energy source – from 24 to 17 by 2034, reducing the sector’s energy output by nearly half.