South Korea’s sluggish renewable energy transition puts economy at risk



Analysis South Korea’s sluggish renewable energy transition puts economy at risk Falling behind other developed nations in clean energy adoption will hinder country’s competitiveness and reputation John LeeJune 12, 2024 SHARE COPY LINK FACEBOOK X LINKEDIN MASTODON An illustration of coal power plants \| Image: Korea Pro South Korea’s Ministry of Trade, Industry and Energy released the 11th Basic Plan for Electricity Supply and Demand last month, setting a target for renewable energy sources to provide 21.6% of the country’s power generation by 2030. But despite the country’s desire to raise the proportion of renewables in its energy mix, a closer look shows that Seoul’s ambitions have barely changed even as the threat of global warming has grown, rising just .1% from a target of 21.5% in the 10th Basic Plan released in 2022. This lack of progress raises questions about the country’s commitment to accelerating its © Korea Risk Group. All rights reserved. No part of this content may be reproduced, distributed, or used for commercial purposes without prior written permission from Korea Risk Group. LATEST ANALYSIS 01Lee Jae Myung’s ‘pacemaker’ strategy tests South Korea’s leverage with Trump 02Trump’s Korea investment victory lap masks safeguards Seoul still controls 03North Korean POW dispute tests Seoul-Kyiv trust and future Ukraine policy 04South Korea’s CPTPP push exposes the cost of turning trade gains into consensus 05AI storage boom gives South Korea battery makers an EV overcapacity lifeline 06South Korea’s Mexico strategy runs into the hard limits of USMCA politics 07Preschool test ban forces South Korea’s English hagwons to rethink placement 08Lee Jae Myung’s Wall Street pitch tests South Korea’s capital market credibility

Analysis

South Korea’s sluggish renewable energy transition puts economy at risk

Falling behind other developed nations in clean energy adoption will hinder country’s competitiveness and reputation

John LeeJune 12, 2024

South Korea’s sluggish renewable energy transition puts economy at risk

An illustration of coal power plants | Image: Korea Pro

South Korea’s Ministry of Trade, Industry and Energy released the 11th Basic Plan for Electricity Supply and Demand last month, setting a target for renewable energy sources to provide 21.6% of the country’s power generation by 2030.

But despite the country’s desire to raise the proportion of renewables in its energy mix, a closer look shows that Seoul’s ambitions have barely changed even as the threat of global warming has grown, rising just .1% from a target of 21.5% in the 10th Basic Plan released in 2022.

This lack of progress raises questions about the country’s commitment to accelerating its

LATEST ANALYSIS

01Lee Jae Myung’s ‘pacemaker’ strategy tests South Korea’s leverage with Trump
02Trump’s Korea investment victory lap masks safeguards Seoul still controls
03North Korean POW dispute tests Seoul-Kyiv trust and future Ukraine policy
04South Korea’s CPTPP push exposes the cost of turning trade gains into consensus
05AI storage boom gives South Korea battery makers an EV overcapacity lifeline
06South Korea’s Mexico strategy runs into the hard limits of USMCA politics
07Preschool test ban forces South Korea’s English hagwons to rethink placement
08Lee Jae Myung’s Wall Street pitch tests South Korea’s capital market credibility

South Korea’s sluggish renewable energy transition puts economy at risk

LATEST ANALYSIS

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John Lee