Growth in renewables
There have been noticeable developments in the domestic renewable energy sector, with production growing and attention shifted more toward solar and wind energy. Although the share of renewables in energy consumption had dropped in 2023 from the previous year, the production of new and renewable energy more than doubled from 2010 to 2022. Of the renewable sources, solar and wind have developed the most. The amount of renewable energy from photovoltaics saw an over 30-fold increase from 2010 to 2022. Further, the number of wind power plants tripled from 2011 to 2022. With these developments, the share of wind and solar energy in electricity production rose from less than one percent in 2011 to six percent in 2022. Indeed, these developments are instrumental to achieving the lofty goals South Korea has set for itself regarding sustainable energy.Outlook on South Korea’s renewable energy
South Korea has stated multiple times its commitment toward phasing out fossil fuels. By 2040, South Korea aims to have renewable energy account for one-third of its power generation and to become carbon neutral by 2050. It also aims to have over half of its renewable energy supply come from photovoltaics by 2030. Although the amount of investment in the new and renewable energy manufacturing industry has struggled to reach pre-2018 levels, sales have continuously grown. Outside of solar and wind, alternative energy sources, such as fuel cells, have presented themselves as solutions. The diversification to more sustainable sources of energy as well as greater political support for renewable energy show a potentially positive energy future for the country.
