South Korea, the world’s ninth-largest greenhouse gas emitter, plans to spend 35.5 trillion won ($31 billion) by 2020 to develop technology for renewable and nuclear energy and carbon emissions reduction.
The investment is part of the nation’s road map to grab a 10 percent share of the world’s clean-energy market and have one of the world’s top five energy industries by 2020, the Ministry of Knowledge Economy said in an e-mailed statement.
South Korea wants to build its capabilities in alternative and nuclear energy and is spending 1 trillion won this year for preferential payments to renewables projects. The country also wants to cut reliance on oil and is expanding the use of cleaner-burning energy amid increasing concerns about the environment.
The government will fund 18.2 trillion won of the proposed amount, with private companies contributing the rest, the ministry said. It forecast the proposed investment will help generate 202 trillion won of exports and 59 trillion won of domestic sales by 2020, and create 914,000 jobs.
The South Korean government spent 3.77 trillion won between 2006 and 2010 to develop green-energy technologies, according to the statement.