South Korea will allocate 90 billion won by next year for electrofuel research and development projects, in pursuance of eliminating its carbon emissions by 2050.
The Ministry of Trade, Industry and Energy said that along with promoting the sales of electric cars and hydrogen fuel cell vehicles, the country needs to diversify its technology portfolio to beef up its automobile industry's competitiveness.
Electrofuel is an environment-friendly sourced alternative to fossil fuels used in traditional automobiles. It is produced by synthesizing gases with hydrogen.
South Korea plans to have eco-friendly cars, including hydrogen fuel cell cars, comprise 30 percent of its total registered automobiles by 2030 from the current 3 percent.
