The Ministry of Trade, Industry and Energy (MOTIE) announced Korea's third energy basic plan, which aims to reach 35% of renewable energy in Korea's power mix by 2040. The Department of Energy pointed out that the most important factors hindering the development of clean energy are the lack of land available for projects and lower levels of solar radiation. It also said that South Korea has the potential to install 103GW to 129GW of renewable energy by 2040 to meet the total electricity demand of 30%-35%.
According to MOTIE, 155 GW to 235 GW of photovoltaic and wind energy can be deployed on the roof as well as in unused or low quality farmland. The new plan also aims to further reduce the share of coal in the energy mix while increasing the share of natural gas.
In March of this year, the South Korean government announced three different projects to prioritize high-efficiency renewable energy projects using low-carbon footprint equipment and rely on stricter Korean industrial standards.
In December 2017, MOTIE released a basic plan for electricity supply and demand, requiring renewable energy to reach 58.5 GW by 2030, including up to 30 GW of PV. If deployed in the future, 58.5 GW will be enough to generate 20% of the national electricity. According to this plan, the share of natural gas is expected to be 18.8%, while the respective shares of coal and nuclear energy are 36.1% and 23.9%, respectively.
According to the statistics of the International Renewable Energy Agency: by the end of 2018, the cumulative installed capacity of photovoltaic power generation in South Korea is about 7.86GW. Only last year's installations exceeded 2GW.
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