South Korea’s SK Group plans to invest KRW17.5trn ($14.3bn) by 2020 in alternative energy and new technology.

SK will spend KRW4.5trn ($3.6bn) on new energy including solar cell and biofuels and KRW4.2trn ($3.4bn) on environmental infrastructure including smart grids and water treatment plants.

The firm also intends to invest KRW8.8trn ($7.1bn) on new technology.

SK hopes to benefit from the growing demand for alternative energy as firms seek to pollute less and reduce dependence on oil.