Seoul, Feb 5 (IANS): The government will spend 129.3 billion won ($88.6 million) this year to support projects aimed at developingtechnologies that will help achieve carbon neutrality and ensure a stable supply of energy, the industry ministry said on Wednesday.
The projects include developing technologies related to renewable energy, such as next-generation solar power and hydrogen power, and the efficient operation of nuclear power plants as part of efforts to help South Korea achieve net zero carbon emissions, according to the Ministry of Trade, Industry and Energy, Yonhap news agency reported.
South Korea has pledged to reduce its greenhouse gas emissions by 40 per cent from the 2018 levels by 2030 and reach carbon neutrality by 2050.
Part of the funds will also be funnelled into enhancing stability in the nation's energy supply amid soaring demand for electricity sparked by the development of artificial intelligence (AI) and other cutting-edge technologies, as well as climate change.
In detail, the government will invest 46.2 billion won in developing technologies for improving energy efficiency and upgrading power systems, according to the ministry.
Earlier, the country's science ministry said South Korea will invest 86.2 billion won ($59.3 million) this year for the development of technologies that will help tackle climate change.
With the investment, the country will work to develop technologies that will help respond to global warming, along with those related to carbon free energy and climate prediction using artificial intelligence (AI), said the Ministry of Science and ICT.
Meanwhile, South Korea will spend 208.8 billion won ($143.7 million) this year on global technology cooperation projects as part of efforts to bolster the country's technological competitiveness, the industry ministry said on Wednesday.
The amount marks a 25.9 per cent increase from the corresponding tally for last year, according to the Ministry of Trade, Industry and Energy.
In detail, South Korea plans to funnel 94.2 billion won into international projects aimed at fostering technology developments through bilateral cooperation or participation in multilateral funding programs, such as Eureka and Eurostars, led by the European Union.
The country will inject an additional 105.2 billion won into creating industrial technology collaboration centers at top-tier research institutions across the globe and launching mid- to long-term joint research projects to develop core technologies for future growth engines, according to the ministry.