The government of South Korea has finalised its national power plan for the next 12 years, which includes a 20 percent renewable energy target by 2030.
The goal will see the nation increase its installed capacity of renewable energy generation from 11.3GW in 2017 to 58.5GW by 2030. The projected increase comprises 30.8GW of new solar plants and 16.5GW of new wind capacity, requiring investment of around 110 trillion won ($103 billion; €85.8 billion) from the government, state firms and the private sector.
The government will introduce feed-in tariffs and provide priority dispatch for renewable energy generation to encourage investments in the sector, according to Korea’s Yonhap News Agency, quoting energy minister Paik Un-gyu.
The Ministry of Trade, Industry and Energy announced the draft of its eighth Basic Plan for Long-term Electricity Supply and Demand on 14 December and finalised the plan last Friday. In addition to the renewables target, the new energy roadmap provided expected allocations of various power generation sources by 2030, with natural gas generating 18.8 percent, coal 36.1 percent and nuclear power 23.9 percent.
Currently, South Korea relies on coal and nuclear for more than 70 percent of its electricity consumption, while renewables contribute 6 percent.