Korea to increase spending on renewable energy

The Ministry of Knowledge Economy said in a statement that the country would raise the budget from KRW808.4 billion (USD721.5 million) to KRW1 trillion to provide financing for new renewable energy projects.

South Korea is Asia's fourth-largest economy, but is keen to reduce its dependence on crude oil and liquefied natural gas imports, as well as cut greenhouse gas emissions and boost its domestic renewables industry.