{"id":2205439,"date":"2024-06-12T17:37:44","date_gmt":"2024-06-12T08:37:44","guid":{"rendered":"https:\/\/koreapro.org\/?p=2205439"},"modified":"2024-06-13T16:32:54","modified_gmt":"2024-06-13T07:32:54","slug":"south-koreas-sluggish-renewable-energy-transition-puts-economy-at-risk","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/06\/south-koreas-sluggish-renewable-energy-transition-puts-economy-at-risk\/","title":{"rendered":"South Korea\u2019s sluggish renewable energy transition puts economy at risk"},"content":{"rendered":"
South Korea\u2019s Ministry of Trade, Industry and Energy released the <\/span>11th Basic Plan for Electricity Supply and Demand<\/span><\/a> last month, setting a target for renewable energy sources to provide 21.6% of the country\u2019s power generation by 2030.<\/span><\/p>\n But despite the country\u2019s desire to raise the proportion of renewables in its energy mix, a closer look shows that Seoul\u2019s ambitions have barely changed even as the threat of global warming has grown, rising just .1% from a target of 21.5% in the <\/span>10th Basic Plan<\/span><\/a> released in 2022.<\/span><\/p>\n This lack of progress raises questions about the country\u2019s commitment to accelerating its renewable energy transition and its ability to compete with other nations that are setting more aggressive targets, putting South Korea at risk of failing to meet its climate change commitments and damaging its international reputation.<\/span><\/p>\n INTERNATIONAL STANDING AT RISK<\/b><\/p>\n South Korea\u2019s slow adoption of renewable energy compared to other Organization for Economic Co-operation and Development (OECD) countries poses risks to its international reputation and competitiveness.<\/span><\/p>\n The country\u2019s renewable energy target falls short of that of <\/span>the U.K.<\/span><\/a>, which aims to achieve 85% renewable energy by 2030. <\/span>Germany<\/span><\/a> targets 75%, <\/span>the U.S.<\/span><\/a> 59% and <\/span>Japan<\/span><\/a> 38%. While it remains to be seen if these countries can meet their renewable energy goals, the substantial gap highlights South Korea\u2019s sluggish progress in transitioning to clean energy sources.<\/span><\/p>\n As developed nations increasingly prioritize sustainability and climate action, South Korea risks being perceived as a laggard in the renewable energy race. This perception will likely damage the country\u2019s reputation as a technologically advanced and forward-thinking nation, potentially affecting its ability to attract foreign investment.<\/span><\/p>\n Moreover, failing to keep pace with the global shift toward renewable energy will hinder South Korea\u2019s competitiveness in international markets.<\/span><\/p>\n For instance, the French government\u2019s decision last year to <\/span>amend its electric vehicle subsidy policy<\/span><\/a> excluded South Korean car manufacturers from receiving tax credits as the policy granted subsidies based on the vehicle\u2019s price, fuel efficiency and carbon emissions throughout the supply chain.<\/span><\/p>\n As global demand for clean energy technologies and products grows, South Korean businesses may struggle to capture market share if they are seen as relying on outdated, carbon-intensive energy sources.<\/span><\/p>\n