South Korea needs power. The country is the world's 10th largest energy consumer and watched its spending on oil, coal and natural gas soar 60 percent in six months. South Korea is committing to do something about their energy crisis, though: they're raising the national investment in alternative energy development by 60 percent this year.

That boost will bring South Korea's investment to 194.4 billion won ($193 million). The Ministry of Knowledge and Economy issued a statement saying that the money would go to biofuels, solar and wind power. The South Korean government has set a goal to bring the country to approximately 20 percent self-sufficiency. It is currently 4.2 percent self-sufficient. South Korea must import its crude oil, and is currently the 5th largest importer of crude oil. Reducing the country's despendence on outside oil even slightly will make a major difference in South Korean energy costs.

South Korea is expected to be the second fastest growing market for solar energy for the next four years according to a JP Morgan report. It's expected to grow 89 percent, though those estimates were made before today's announcement. It is not impossible that South Korea's renewable energy market could grow even beyond those estimates.

Photo — Stuck in Customs