<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 1

– The growth of renewable energy seen from an energy security perspective 2 

– Renewable energy generation costing less than fossil fuels 2

– Climate-related policies of the current administration 3

– Growing corporate demand for more renewable energy 4

2. Estimated Domestic Renewable Energy Demand for 2030 5 

– Mechanisms for creating demand for renewable energy: voluntary initiatives and the RPS scheme 6

– Estimated RE demand from voluntary initiatives 7

– Estimated RE demand from the RPS scheme 9

– Estimation of renewable energy demand for 2030 10

– Comparison with the government’s 2030 goal for renewable energy deployment 12

3. [Case Studies] Expansion of Renewable Energy Demand at the Supply Chain Level 13

4. Policy Recommendations for System Improvement 19