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The government will spend 129.3 billion won ($88.6 million) this year to support projects aimed at developing technologies that will help achieve carbon neutrality and ensure a stable supply of energy, the Ministry of Trade, Industry and Energy said Wednesday.

The projects include developing technologies related to renewable energy, such as next-generation solar power and hydrogen power, and the efficient operation of nuclear power plants as part of efforts to help Korea achieve net zero carbon emissions, according to the Industry Ministry.

Korea has pledged to reduce its greenhouse gas emissions by 40 percent from the 2018 levels by 2030 and reach carbon neutrality by 2050.

Part of the funds will also be funneled into enhancing stability in the nation's energy supply amid soaring demand for electricity sparked by the development of AI and other cutting-edge technologies, as well as climate change.

In detail, the government will invest 46.2 billion won in developing technologies for improving energy efficiency and upgrading power systems, according to the ministry.