Taiwan’s government will invest T$45bn ($1.4bn) in the island’s domestic renewable energy sector, it has been announced.

The government hopes the move will help the sector grow nearly eight-fold by 2015, writes Reuters.

Taiwan’s government said it aims to increase industry production value to T$1.158tn in 2015 compared to the present T$160.3bn.

“The green energy sector can turn Taiwan into a major power in energy technology and production, as well as provide the creation of green jobs,” Taiwan’s Premier Liu Chao-shiuan told Reuters in a statement.

The statement did not say, however, over what period the investment would be made.

The move is likely to further propel shares of companies specialising in alternative energy and energy efficiency.