South Korea has unveiled plans to build a 6GW floating offshore wind farm off the coast of Ulsan by 2030.
President Moon Jae-in said the project would require an investment totalling KRW36 trillion (€27bn) and create 210,000 jobs.
The project would deliver electricity to 5.76 million homes and reduce carbon dioxide emissions by 9.3 million tonnes a year, he said.
It would help meet half of the government’s target of 12GW of offshore wind by 2030.
The president added that some of the electricity could be used for green hydrogen production.
He said 20% of the power generated could deliver 84,000 tonnes of green hydrogen.
The government will support the development with an investment of over KRW1.4 trillion in the first stage of the project by 2025.