South Korea plans $213m spend on green energy research

19 May 2004 – South Korea will invest a total of 250bn won ($213m) in developing renewable energy such as solar, wind and hydro-cell energy over the next five years, the commerce ministry said today.

The Ministry of Commerce, Industry and Energy unveiled the plans at a launch ceremony for three alternative energy project offices at a time when South Korea is gripped by rising international oil prices.

This year alone, the ministry will spend 37.1bn won to develop the three renewable energy sectors. Around 1000 researchers will participate in the projects, ministry officials said.