South Korea to inject 320 mln USD into renewable energy R&D in 2012

South Korea planned to inject 373.7 billion won (around 320 million U.S. dollars) into research and development (R&D) for renewable energy this year, the economy ministry said Tuesday.

The money will be spent in helping acquire basic technology in the renewable energy sector, boosting research cooperation between large corporations and small businesses and commercializing the developed technology, according to the Ministry of Knowledge Economy.

By injecting the money into the R&D, Seoul aimed to increase the renewable energy exports to 8.61 trillion won in 2012, up from 6.92 trillion won tallied in the previous year, while creating jobs and causing investment from the private sector.

The ministry said that 10 green projects will be promoted this year. The projects include building green power plants and installing renewable energy equipments into factories, school, highway, industrial complex, port and army.

In addition, wind power complex will be set up in the southwestern port city of the country, while laying the foundation for making the mix of bio diesel compulsory in the transportation sector.