2024 Korea's Strategy to Expand the Supply of Renewable Energy and Strengthen the Supply Chain by the Minstry of Trade, Industry and Energy

On the 16th, the Ministry of Trade, Industry and Energy announced the "Strategy to Expand the Supply of Renewable Energy and Strengthen the Supply Chain". The Yoon Suk-yeol administration has notably shifted its energy policy, moving away from the previous "one-size-fits-all approach to nuclear power." This announcement suggests that the share of renewable energy will likely increase in the upcoming "11th Basic Plan for Electricity Supply and Demand," with the draft to be released soon.

The goal of the strategy, announced by the Ministry of Trade, Industry, and Energy, is to "expand renewable energy systematically for carbon neutrality and energy security." The strategy aims to promote an average annual supply increase of around 6 GW through a government-led approach, strengthen industrial competitiveness by establishing a supply chain, and build a foundation for broader adoption by improving the market system.

To achieve this, the strategy focuses on four key areas: 1. Creating a healthy offshore wind power industry ecosystem; 2. Expanding solar power in an orderly manner; 3. Transforming the system to suit the new market; 4. Supporting entry into overseas markets.