The spending initiative calls for $30 billion to be injected into the program by private industry, and an infusion of $6.3 billion from government coffers.
Under the plan, which was announced Wednesday by the South Korea Ministry of Knowledge Economy, the government will focus on solar and wind power, seeing them as being to the future what microchip development and shipbuilding as to the Korean peninsula’s past.
If all goes as envisioned, ministers said, South Korea’s renewable energy output should rise to about 15 percent of the global market. The investment will create 110,000 jobs and $36.2 billion in exports, they added.
The government’s plan includes investing $1.3 billion in what it described as “10 fundamental technologies,” including next-generation solar cells and offshore wind power, and $2.6 billion in research and development related to building a renewable technology infrastructure within the country’s borders.
For additional information:
South Korea Ministry of Knowledge Economy
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