The South Korean government will invest 1.4 trillion won (us $1.12 billion) in research and development related to the transport, storage and disposal of high-level radioactive waste, or spent fuel, the Ministry of Trade, Industry and Energy (MOTIE) announced on July 20, 2022. South Korea plans to start the site selection of an intermediate storage facility for spent fuel in 2023, complete the construction of the facility by 2043, and complete the construction of a permanent disposal facility by 2060. The newly announced investment includes technology to ensure the safe disposal of spent fuel.
According to the Ministry of Trade, Industry and Energy, Korea still has a technological gap in transportation and storage of high-level radioactive waste compared to the U.S., Sweden and Finland. The investment plan includes 500 billion won ($400 million) for the construction of underground research facilities, the ministry said.