Renewable Energy Demand in South Korea: A 2030 Forecast and Policy Recommendations

The Corporate Renewable Energy Initiative (CoREi) and Plan 1.5 have co-published a report to estimate the mid-to-long-term renewable energy demand from Korea’s corporate sector. The results indicate that the level of renewable energy demand is projected to reach 157.5~172.3TWh by 2030, which is significantly higher than 97.8TWh, the expected renewable energy output from solar PV and wind power under the 10th Basic Plan for Long-term Electricity Supply and Demand.

Table of Contents

1. The Expansion of Renewable Energy: An Irreversible Trend

• The growth of renewable energy seen from an energy security perspective
• Renewable energy generation costing less than fossil fuels
• Climate-related policies of the current administration
• Growing corporate demand for more renewable energy

2. Estimated Domestic Renewable Energy Demand for 2030

• Mechanisms for creating demand for renewable energy: voluntary initiatives and the RPS scheme
• Estimated RE demand from voluntary initiatives
• Estimated RE demand from the RPS scheme
• Estimation of renewable energy demand for 2030
• Comparison with the government’s 2030 goal for renewable energy deployment

3. [Case Studies] Expansion of Renewable Energy Demand at the Supply Chain Level
4. Policy Recommendations for System Improvement