The South Korean government plans to inject nearly 374 billion won ($318 million) into government-led research and development (R&D) on renewable energy this year, according to the Ministry of Knowledge Economy (MKE).

227 billion won will be allocated to the MKE and 77 billion to the Ministry of Environment (MOE), with the remaining 70 billion going to four other ministries. The government aims to achieve exports of 8.61 trillion won in the area of renewable energy this year. In particular, it will concentrate on projects to promote research collaboration between large conglomerates and smaller businesses, and collaboration between government agencies to lay the foundation for original technology development in the area of eco-friendly power generation.

The government plans, as part of the overall scheme, to build one million homes powered by renewable energy sources by 2020.