South Korea Renewable Energy Policy Handbook, 2024 Update
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South Korea Renewable Energy Policy Overview
The South Korean power market underwent restructuring in 2001 and the Korean Electricity Commission (KOREC) was established under the Ministry of Knowledge Economy (MKE). KOREC has the right to establish legislative and organizational measures for the smooth functioning of the power market and to create rules and regulations for electricity companies operating in the country. The responsibility of KOREC also includes the establishment of fair competition between power generators protect the rights and interests of electricity consumers and resolve disputes between companies and consumers.
“South Korea Renewable Energy Policy Handbook 2024” is among the latest country-specific policy reports from GlobalData, the industry analysis specialist. The report offers comprehensive information on major policies governing the renewable energy market in the country and provides information on renewable policies/developments at a regional/municipal level. The report discusses renewable energy targets and plans along with the present policy framework, giving a fair idea of the overall growth potential of the renewable energy industry. The report also provides major technology-specific policies and incentives provided in the country. The report is built using data and information sourced from industry associations, government websites, and statutory bodies. The information is also sourced through other secondary research sources such as industry and trade magazines.
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South Korea's Renewable Energy Targets
In October 2020, the South Korean government announced its goal to achieve carbon neutrality by 2050. The country has committed to limit its emissions to 536 million tons of carbon dioxide equivalent (MtCO2e) in 2030 under the Paris Agreement. The South Korean government has aimed to increase the share of renewable-based power generation to 21.6% by 2030 and 30.6% by 2036.
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South Korea Renewable Energy Strategies
Green Growth Policy: South Korea has embarked on a low-carbon, green growth policy. The Presidential Commission on Green Growth was established in February 2009, and a law on green growth is under deliberation. The policy aims to increase the focus on renewable energy sources to reduce its dependence on fossil fuels, as well as to reduce Greenhouse Gas (GHG) emissions. To be one of the top five green nations by 2050, South Korea is looking to become a role model for the international community as a green growth leader.
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Scope
The report provides:
- Policy measures and incentives are used by South Korea to promote renewable energy.
- Promotional measures in South Korea both for the overall renewable energy industry and for specific renewable energy technologies that have potential in the country.
Reasons to Buy
The report will enhance your decision-making capability in a more rapid and time-sensitive manner. It will allow you to –
- Develop business strategies with the help of specific insights about policy decisions being taken for different renewable energy sources.
- Identify opportunities and challenges in exploiting various renewable technologies.
- Compare the level of support provided to different renewable energy technologies in different countries in the region.
- Be ahead of the competition by keeping yourself abreast of all the latest policy changes.
Table of Contents
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Frequently asked questions
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Which key organization creates policies for the renewable power sector in South Korea?
The Korean Electricity Commission (KOREC) has the right to establish legislative and organizational measures for the smooth functioning of the power market and to create rules and regulations for electricity companies operating in the country.
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What are the renewable energy targets in South Korea?
In October 2020, the South Korean government announced its goal to achieve carbon neutrality by 2050. The country has committed to limit its emissions to 536 million tons of carbon dioxide equivalent (MtCO2e) in 2030 under the Paris Agreement. The South Korean government has aimed to increase the share of renewable-based power generation to 21.6% by 2030 and 30.6% by 2036.
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Which are the key policy reforms offered by the South Korean government?
Renewable Protfolio standard (RPS), Renewable Energy Certificate (REC), and Auctions are the key policy reforms introduced by the South Korean government.
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