Newly elected President of the Republic of Korea, Lee Jae-myung, has kicked off a pivotal new chapter for climate in South Korea. Referencing the importance of RE100 in his inaugural address, throughout the campaign the President made clear his intentions on climate action and renewable electricity. Pledges included a commitment to actively increase the amount of renewables in the energy mix and to build an ‘energy highway’ to distribute that power. There was also a pledge to strengthen the regulatory frameworks for Power Purchase Agreements (PPAs).
Climate Group’s CEO, Helen Clarkson, and the CEO of RE100’s local campaign partner in Korea, Korea Sustainability Investing Forum (KoSIF), recently wrote to the President to congratulate him on his election victory and to urge the new administration to raise the country’s climate ambition when it submits its 2035 Nationally Determined Contribution (NDC).
, PDFLetter to the 21st President of South Korea - June 25 - English.pdf
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Download ,South Korea stands at a critical juncture in its energy transition, as corporates in the country continue to face significant barriers to using renewables. Over 180 companies in the RE100 initiative operate in South Korea – representing more than 10% of the country’s total electricity use – and in the latest RE100 Annual Disclosure Report, launched earlier this month, South Korea was ranked the most challenging market globally for RE100 members.
Currently members meet 12% of their electricity needs with renewables in Korea, up from 9% last year. Yet this is well below the global RE100 average of 53%. The new administration must tap into corporate demand for renewables to increase the country’s energy security and support the global competitiveness of Korea’s economy.
We’ve called on the new administration to raise the country’s climate ambition in its 2035 NDC by setting a renewables target of 33% by 2030. South Korea must also address grid constraints that are limiting renewable electricity supply by making investments in the grid and implementing market reforms that guarantee access for renewable generators. Finally, for PPAs to succeed in Korea, network usage fees and other costs must be made fair and transparent, and administrative procedures streamlined.
The letter goes on to commend the leadership shown by Korean provinces such as Chungcheongnam-do, Jeju, Jeollanam-do and Gyeonggi-do – all members of the Under2 Coalition and active contributors to global net zero efforts. As Korea prepares its 2035 NDC, it’s essential to embed the role of regional actors into national climate planning.
Learn more about RE100's policy engagement work in South Korea here.