South Korea has outlined a public-private sector partnership that plans to spend 40 trillion won ($36bn) by 2015 on developing renewable energy.
Seoul will put up W7 trillion and the private sector W33 trillion to develop predominantly solar, wind and fuel cell powered ventures. While helping to curb the countrys greenhouse gas emissions, the government said the initiative will also create jobs and substantial export revenues.
South Korea has been stepping up its promotion of renewable energy sources in recent years.
President Lee Myung-baks administration at the end of 2008 had outlined spending of W100 trillion to increase the share of renewable energy sources in its energy mix to 11pc by 2030.
Lee has also exploited diplomatic channels, aiming to seal free trade agreements with all Asian countries to partner its clean energy technology with the natural resources of its Asian neighbours.
source: APEC-VC Korea
