South Korea launches long-term plan for renewable energy

    South Korea has announced a long-term energy plan, shifting from fossil fuels and nuclear energy to more home solar power system kit renewable energy.

    The plan envisages that by 2034, the proportion of renewable energy in Korea ’s energy mix will increase from the current 15.1% to 40%. At the same time, the proportion of LNG power generation will fall from 32.3% to 31%.

    At the same time, by 2034, all 30-year-old coal-fired power plants will be decommissioned, there are about 30 factories, a total of 60 are currently in operation. An earlier report by South Korean media stated that about 24 coal-fired power plants will be switched to natural gas for power generation.

    By 2034, the proportion of nuclear energy will also drop significantly. Currently, LNG is the largest part of South Korea ’s energy structure, followed by coal, which accounts for 27.1% of the total. Nuclear energy accounts for 19.2% of energy production. By 2030, the share of nuclear power in the energy mix will drop to 11.7%, and by 2034 it will further drop to 9.9%. By 2030, the proportion of renewable energy should rise to 33.1% and reach the target of 40% four years later.

    Although the government has ambitious renewable energy targets, the support for renewable energy seems to be disproportionate. A recent report by a non-profit organization shows that South Korea ’s subsidies for biomass energy projects are so large that they have begun to affect solar and wind energy projects.

    The report written by Seoul's Solutions for our Climate stated that the high subsidies for biomass energy have led to a significant drop in the price of renewable energy certificates, which has caused utilities to invest in new solar or wind energy. You have to think twice about generating capacity.

    Renewable energy certificates are issued by the government to public utilities including renewable energy. Utilities that develop biomass power generation projects have received more direct investment than companies that focus on solar and wind energy.

    This shows that this shift will not be smooth, but it is undoubtedly a huge shift for one of the largest energy importers in Asia and the world.