February 5, Seoul According to the industry ministry on Wednesday, the government would invest 129.3 billion won ($88.6 million) this year in initiatives that will help create technologies that will contribute to carbon neutrality and guarantee a steady supply of energy.

As part of efforts to help South Korea achieve net zero carbon emissions, the Ministry of Trade, Industry, and Energy said the projects include developing technologies related to renewable energy, such as next-generation solar power and hydrogen power, as well as the efficient operation of nuclear power plants, according to Yonhap news agency.

In order to achieve carbon neutrality by 2050, South Korea has committed to reducing its greenhouse gas emissions by 40% from 2018 levels by 2030.

A portion of the money will also go toward improving energy supply stability in the country as demand for power rises due to climate change and the development of artificial intelligence (AI) and other cutting-edge technology.

According to the ministry, the government will specifically spend 46.2 billion won on creating technologies that will increase energy efficiency and modernize power infrastructures.

South Korea will spend 86.2 billion won ($59.3 million) this year to explore technology that can help combat climate change, the country’s scientific ministry previously said.

According to the Ministry of Science and ICT, the funding will be used to create technology that will help combat global warming, as well as those that deal with carbon-free energy and artificial intelligence (AI)-based climate prediction.

The industry ministry said on Wednesday that South Korea would invest 208.8 billion won ($143.7 million) in international technology cooperation projects this year in an attempt to increase the nation’s technical competitiveness.

According to the Ministry of Trade, Industry, and Energy, the sum represents a 25.9% rise over the same amount previous year.

In specifics, South Korea intends to invest 94.2 billion won in global initiatives that promote technological advancements via bilateral collaboration or involvement in EU-led multilateral financing initiatives like Eureka and Eurostars.

According to the ministry, the nation will invest an extra 105.2 billion won in the establishment of industrial technology collaboration centers at prestigious research institutes worldwide and the start of mid- to long-term collaborative research projects to create the foundational technologies for future growth engines.