Export market – South Korea
Environmental protection and combating climate change have been playing an important role for the South Korean Government under Moon Jae-In since 2017. According to its “Renewable Energy 3020” implementation plan, the share of renewable energy sources for power generation are to be increased from the current 7% to 20% by 2030. The EEHH Cluster along with the Office of Economics, Transport and Innovation (BWVI) is organising a delegation visit for interested Hamburg companies from 23-29 February 2020 in order to give Hamburg stakeholders a better understanding of this promising market.
This Republic of Korea is heavily dependent on electricity imports because this Asian country has insufficient energy resources itself. The general goal is not just to expand the use of renewable energy sources, but rather to also reduce the general energy demand by 13% and the electricity demand by 15% by 2035. Currently, Korea is in a transitional stage and just starting an energy system transformation – LNG is being used as a transitional source of energy during the switch from nuclear and coal energy to renewable energy sources.
Ambitious objectives for renewable energy sources, especially wind energy
As a country that is at the absolute forefront when it comes to IT, South Korea can combine the expansion of renewable energy sources with progressive digitisation. A great many Korean stakeholders work in the fields of big data, cloud computing and artificial intelligence. The plan is to build renewable energy facilities with an output of 63.8 GW by 2030 at an investment level of 110 billion WON. Eight offshore wind farms will be built by the end of 2020. The government would like to implement various incentive programmes that involve citizens and small businesses in projects in order to increase acceptance of the plan.
MOTIE (Ministry of Trade, Industry and Energy) as the key player in the Korean energy revolution
The Ministry of Trade, Industry and Energy, MOTIE for short, compiles the basic plan for promoting renewable energy sources with targets for technical developments as well as the use and distribution of renewable energy sources. In December 2017, it adopted the 8th Basic Plan for Electricity Supply and Demand. MOTIE also oversees the approval of power companies for the generation business, with the exception of generation operations with a capacity of 3 MW or less.
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