South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korean Peninsula. The capital is Seoul.
The state has 17 first-tier administrative divisions: 6 metropolitan cities, 1 special city, 1 special autonomous city, and 9 provinces, including one special autonomous province.
South Korea’s renewables market outlook
South Korea’s energy portfolio will move from 64% of coal and nuclear generation seen now to more than 71% of gas and renewables in 2050. Installed capacities will double with offshore wind accounting for 50% of generation. Around 70% of newly added installations will be renewable, including 93 GW of PV solar and 69 GW of wind.
Advanced transport in South Korea
In October 2020, South Korea unveiled a plan to further develop the EV and fuel cell car industry by increasing the number of charging stations and making such vehicles more affordable for people. To make environmentally friendly cars more affordable, the country will make efforts to increase tax deductions for the purchase of such vehicles by 2022 and will work closely with private firms to bring down prices for essential spare parts.
Electric vehicles (EV) in South Korea
As of September 2020, the aggregate number of electric vehicles on the roads of South Korea reached 120,000 units.
According to the Ministry of Trade, Industry, and Energy, the country will increase its total sales of electric vehicles to 1.13 million by 2025.
South Korea will also have 500,000 electric vehicle charging stations by 2025, which means a steep increase from about 60,000 units installed nationwide as of September 2020. Starting from 2022, some new homes will be sold with built-in charging stations. The country will also construct fast-charging stations that will be able to charge 80% of the battery within 20 minutes.
The government will launch a pilot “battery-free” project in which buyers can buy electric vehicles without paying for batteries and rent them out instead.
Fuel cell vehicles (FCV) in South Korea
As of September 2020, the aggregate number of hydrogen vehicles on the roads of South Korea reached about 9,500 units.
According to the Ministry of Trade, Industry, and Energy, the country will increase its total sales of hydrogen fuel cell vehicles to 200,000 units by 2025.
By 2025, the number of hydrogen charging stations will reach 450 as compared with 72 in 2020.
China, Japan, and South Korea have set ambitious goals to bring billions of dollars worth of fuel cell vehicles to their roads by the end of the 2020s. South Korea, which sells around 1.6 mln cars annually, has set a goal of 850,000 cars of this type by 2030, although as of the end of 2018 less than 900 such cars were sold.
Self-driving cars in South Korea
In October 2019, South Korea’s government announced plans to spend 1.7 tln won (USD1.45 bln) from 2021 through 2027 on self-driving technologies. Local auto giant Hyundai is expected to make cars with the fourth level of automation or fully autonomous cars available for corporate clients from 2024 and for individuals from 2027. At the same time, President Moon Jae-in said that by 2030, self-driving vehicles will make up half of new cars on the country’s roads.
South Korea's latest energy market news
- South Korea to build 500,000 electric vehicle charging stations by 2025
- REUTERS: Why Asia’s largest economies support hydrogen-fueled cars
- Hyundai Motor, Aptiv set up JV to present production-ready self-driving platform 2022
- Floating solar projects multiply around globe
- BNEF: New Energy Outlook (NEO) 2019
- BNEF: Electric Vehicle Outlook 2019