South Korea, plans to invest 107tn won ($84.4bn) over the next five years in a bid to improve energy efficiency, cut reliance on fossil fuels and boost economic growth.

The spending will generate industrial output of as much as 206tn won and potentially create up to 1.8 million jobs according to a statement by the presidential office.

The investments will include the development of solar power and other domestic green initiatives.

The government will spend the equivalent of about 2% of gross domestic product annually in 2009-2013 on renewable energy, said Youk Hyun Soo, who helps oversee a presidential committee, writes Bloomberg.