The South Korean government has announced plans to invest $84.4 billion in improving renewable energy efficiency over a period of five years.
These funds will go towards many different types of renewable energy projects, including solar. As well as cutting down the country’s use of fossil fuels, this project will also create over 1.8 million jobs.
Youk Hyun Soo, part of the presidential committee on Green Growth said, “We also plan to attract private investors by introducing various financial products.”
New York-based JPMorgan Asset Management also agreed in June 2009 to set up funds totaling more than $1 billion to invest in South Korea’s alternative energy industry, this is the first overseas company to participate in the country’s renewable energy initiative.