South Korea Unveils US$747 Billion Energy Transition Plan Through 2035
The plan includes 200 trillion won in fiscal spending and more than 790 trillion won in climate finance, officials said.
- On Wednesday, South Korean President Lee Jae Myung unveiled the Korean Green Transformation Strategy in Seoul, a 1,000 trillion won energy transition plan through 2035 targeting renewable power expansion and industrial decarbonization.
- Finance Minister Lee Hyoung-il detailed the K-GX plan structure, comprising 200 trillion won in fiscal spending and more than 790 trillion won in climate finance, alongside 220 trillion won in private-sector investment.
- The strategy targets 100 gigawatts of renewable energy by 2030 while seeking electric and hydrogen-powered vehicles to account for more than 70 per cent of new vehicle sales by 2035.
- Officials aim to decarbonize South Korea's five highest-emitting industries including steel while fostering 10 green industries such as SMRs, with the government planning to lead global hydrogen-reduced steel production.
- Group Chairman Chey Tae-won, heading the private-sector consultative body, noted the plan shares investment risks with companies hesitant over technology uncertainty, as Lee emphasized becoming green market architects rather than followers.
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South Korea wants to make the industry more climate-friendly and open up new growth markets with around 668 billion euros. The strategy is probably planned by 2035.
South Korea unveils $747 billion energy transition plan through 2035
South Korea's government on Wednesday unveiled a 1,000 trillion won ($747 billion) energy transition and decarbonisation strategy through 2035, aiming to expand renewable power, transform heavy industry and create new drivers of growth.
Korea will speed up efforts to increase its renewable energy capacity to at least 100 gigawatts by 2030, with 1 quadrillion won ($746.99 billion) in government-led investment planned over the next decade. The 100-gigawatt goal is a key part of the Korean Green Transformation (K-GX), a strategy unveiled Wednesday that is aimed at achieving carbon neutrality and economic growth at the same time. The strategy seeks to make Korea one of the world’s …
President Lee Jae-myung emphasized his commitment to promoting the ‘Korean Green Transformation (K-GX),’ stating, “The Green Transformation is an essential prerequisite for maintaining the unrivaled lead of our advanced industries and successfully carrying out the three major mega-projects.” At the ‘National Briefing on the Korean Green Transformation Strategy’ held in Seoul on this day, President Lee said, “Europe’s carbon nation
The government is implementing the Korean Green Transformation (K-GX) strategy, which centers on renewable energy production and the decarbonization of industrial sites, by investing 1,000 trillion won over 10 years. As a new national growth strategy aimed at responding to the climate crisis and securing global industrial competitiveness, this initiative actively supports the eco-friendly transition of regional areas and small and medium-sized e…
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