South Korea will spend KRW40tn ($35.4bn) in renewable energy by 2015.

Of the total proposed investment, KRW33tn will come from the private sector, while the remaining KRW7tn will be funded by the government.

The presidential task force expects the global renewable energy market to grow to $400bn by 2015 and reach $1tn in 2020.

South Korea President Lee Myung-bak told Gulf Today: “Looking at the rapidly growing global renewable energy market, solar and wind energy need to be developed as the backbone of future national industrial strategy.”

The government will invest in research and development of solar and wind energy technology and equipment.