Press Releases

“Korea Must Raise Its Basic Plan Target to Meet the 2035 NDC”
— Five Times the 2022 Level of Renewables Needed

- Ministry of Climate, Energy and Environment sets out a “100GW by 2030” vision, with public-institution renewable targets and public-led siting of new projects

- Researchers: “Government should close the gap between the statutory plan and the vision, and go as far as 160GW by 2035”

Corporate PPA demand is surging while supply falls short — “regulatory reform is urgent

The Korea Sustainability Investing Forum (KoSIF) and Climate Group, which runs the global RE100 initiative, held the ‘Korea Renewable Energy Transition Framework’ forum at the Lotte Hotel in Seoul on 9 December, discussing the renewable energy policy direction needed to successfully deliver the 2035 Nationally Determined Contribution (NDC) that the government recently submitted.

With the 2035 NDC now submitted, the forum was convened to review the 11th Basic Plan for Long-Term Electricity Supply and Demand (the Basic Plan), currently the statutory plan in force, to assess whether its renewable energy supply targets are set at a level adequate to meet that goal, and to identify concrete implementation measures. Attendees included officials from the Ministry of Climate, Energy and Environment, members of the National Assembly, academics, and representatives of Korean and international companies.

In his congratulatory address, Seong-gon Wi, chair of the National Assembly’s Special Committee on the Climate Crisis, said that “the energy transition through renewable energy is not merely a climate response but a core task for our economic security and a strategic choice.” He added that “the Special Committee will discuss the support measures needed to help companies secure renewable energy smoothly and to revitalise the related industries, and will put in place substantive incentive structures for businesses leading the climate response.”

Presenting on ‘Korea’s renewable energy policy direction’, Kookhyun Im,, Director of the Renewable Energy Policy Division at the Ministry of Climate, Energy and Environment, set out the goal of “achieving 100GW of renewable energy together by 2030, leading a just transition and the AI era.” This is seen as an ambitious vision that goes beyond the 78GW target in the existing 11th Basic Plan. As concrete measures to deliver it, he presented plans to expand supply through public institutions transitioning to renewables to reach 100% RE and public-led identification of new project sites, alongside institutional reform such as government-led competitive auctions. He also outlined measures to stabilise the grid and improve public acceptance, including grid expansion to build an ‘energy highway’ and the nationwide rollout of solar and wind income schemes with expanded incentives for community participation.

In the presentations that followed, the research teams of Professor Jungmin Lim of Pukyong National University and Professor Taeyoung Jin of Jeonbuk National University demonstrated through data analysis that the government’s ‘100GW by 2030’ is not simply a declaration but a scientifically necessary condition for delivering the 2035 NDC. According to their analysis, meeting the NDC pathway submitted by the government requires renewable capacity to expand to 160GW by 2035, five times the 2022 level. Reaching 100GW by 2030, they conclude, is the essential step towards that.

The researchers also stressed that “there is a 22GW gap between the 78GW statutory target of the 11th Basic Plan and the 100GW vision presented by the government,” and that closing this gap is key to policy coherence. In particular, they said a decisive policy shift is essential if Korean companies are to meet their RE100 commitments. “Demand for PPAs, under which companies buy electricity directly from renewable energy generators, is rising sharply, but if the current policy stance is maintained, a supply-demand imbalance could leave only around 50% of corporate demand met even by 2038,” they said, recommending regulatory reform to secure the necessary renewable supply.

The panel discussion that followed was chaired by Taehan Kim, COO at the Korea Sustainability Investing Forum, and brought together an active exchange among government, academia and industry. Joining the presenters on the panel were Ju Man Kim, Korea Country Manager of the Global Wind Energy Council (GWEC), and Gyujong Choi, Head of Green Energy Center at the Korea Chamber of Commerce and Industry, who shared views on concrete regulatory reforms and international cooperation to expand renewable energy deployment in Korea.

Karl Yang, CEO of the Korea Sustainability Investing Forum, said that “the 2035 NDC and the national renewable energy target are more than policy indicators; they are a core strategic axis that will define the direction of our economy and corporate ecosystem,” stressing that “Korea’s renewable energy transition must advance more clearly and with greater delivery capacity.”

Ollie Wilson, Head of RE100 at Climate Group, explained that "For the first time ever, renewable energy overtook coal as the world’s biggest source of electricity for the first half of this year.  And Asia has kept its leading position, accounting for over 70% of new renewables capacity in 2024 (IRENA).  We are looking forward to South Korea playing its part in this energy transition and the launch of the Ministry of Climate, Energy, and Environment marks a significant institutional shift in Korea’s climate governance structure."

Korea Sustainability Investing Forum (KoSIF)

The Korea Sustainability Investing Forum
is a non-profit organisation specialising in sustainable finance that works to see and change the world through an ESG lens. It was founded in 2007 to build a better world by advancing sustainable finance grounded in corporate social responsibility (CSR) and environmental, social and governance (ESG) principles. As Korea’s first non-profit dedicated to sustainable finance, it carries out research on ESG and CSR, policy development and legislative support, international cooperation, and education and campaigns. It also serves as the CDP’s Korea partner, secretariat of CDP Korea Committee and as RE100’s Local Campaign Partner.

Climate Group

Climate Group drives climate action. Fast. Our goal is a world of net zero carbon emissions by 2050, with greater prosperity for all. We focus on systems with the highest emissions and where our networks have the greatest opportunity to drive change. We do this by building large and influential networks and holding organisations accountable, turning their commitments into action. We share what we achieve together to show more organisations what they could do. We are an international non-profit organisation, founded in 2004, with offices in London, Amsterdam, Beijing, New Delhi and New York. We are proud to be part of the We Mean Business coalition. Follow us on Twitter @ClimateGroup.   

About RE100 (Renewable Electricity 100%)

RE100 is a global initiative bringing together the world’s most influential companies around the shared goal of 100% renewable electricity. Led by Climate Group, RE100 aims to drive the transition to 100% renewable electricity grids by accelerating the shift to a clean economy through members’ direct investment and collaboration with policymakers. RE100 was launched in partnership with CDP and now has more than 440 members across sectors ranging from consumer goods to infrastructure and heavy industry.