South Korea to More than Double Renewable Investment

3 February 2010 (Last Updated February 3rd, 2010 18:30)

South Korea said it is expects to witness a 5.5trn won ($4.7m) investment in renewable energy in 2010, a 59% rise over 2009 figures. Money is needed for facility expansion and research and development for solar, wind power and fuel cells, according to Reuters. Private companie

South Korea said it is expects to witness a 5.5trn won ($4.7m) investment in renewable energy in 2010, a 59% rise over 2009 figures.

Money is needed for facility expansion and research and development for solar, wind power and fuel cells, according to Reuters.

Private companies are expected to invest ₩3.9trn ($3.3bn) of this amount, the government will invest ₩0.9trn ($0.7bn) and the rest will come from public institutions.

South Korea said it aims to generate 11% of its energy needs from renewable sources by 2030.