Korea's renewable energy market landscape

4 February 2021

Renewable energy poses one of the largest investments and development opportunities in Asia in the next ten years. In Korea, the market is especially focused on diversifying and expanding its energy sources to include solar, wind power and hydrogen. The Korean Ministry of Trade, Industry and Energy recently announced they will target 30-35 per cent of their entire energy network to come from renewables sources by 2040 – up from just eight per cent today.

Given that Korea’s national energy grid has a total generation capacity of around 120GW, even a conservative estimate suggests fulfilling the government’s aim requires new renewables generation of around 30GW over the next two decades. Macquarie continues to find new investment opportunities and partnerships in renewable energy projects, including floating offshore wind and solar projects as these sectors continue to expand and develop. In this video, we discuss the key trends and developments in the country’s renewable energy industry.