South Korea will aim to get 35% of its power from renewables by 2040 under longer-term targets designed to spur the growth of clean energy in the country.
A draft energy plan sets a goal of 30-35% of renewables by 2040, up from an 8% share of electricity now, local media outlets and Reuters reported.
The draft policy includes a big shift away from coal and reinforces plans to move away from nuclear – the twin bedrocks of South Korea’s existing electricity supply.
The draft – due to be turned into a firm policy after further consultation – does not set detailed targets for individual renewables.
The East Asian nation’s current renewables target stretches to 2030. Research group Wood Mackenzie said earlier this year that South Korea was unlikely to meet that shorter-term goal of 20%, although it expects renewables’ share of power to grow to 17% by the end of the next decade.
Policy measures needed to spur renewable growth include expansion of battery storage, access to renewable PPAs for corporates, and ensuring that policy mechanisms remain attractive to investors, said its researchers.
Offshore wind is set to play a decisive role in South Korea’s clean energy future, with Wood Mackenzie predicting 6.4GW off its coasts by 2030.
Underpinned by the nation’s formidable shipbuilding and heavy-industrial capabilities, South Korea has created headlines in the global offshore wind sector over the last year.
They include a co-operation pact between Equinor and local oil group KNOC for commercial-scale floating wind, a separate floating deal between the port city of Ulsan and a consortium including Shell, and plans for a 4GW renewable energy complex in the Yellow Sea.
Doosan Heavy Industries said last year it will lead a South Korean government-backed project to develop an 8MW offshore wind turbine that can serve growth at home and compete in global markets.