In a bold move towards sustainable energy, South Korea’s Democratic Party has outlined an ambitious plan to elevate the country’s renewable energy reliance to 40% by 2035. This initiative marks a significant step towards achieving the global “100% Renewable Energy” (RE100) objective.
Pioneering Renewable Energy Strategy
Dubbed the “Renewable Energy 3540” electoral pledge, the Democratic Party’s policy committee unveiled a holistic approach to combat climate change and propel South Korea towards a sustainable energy future. At the core of the plan lies the reintroduction of a Korean-style feed-in tariff (FIT) system and an augmentation of renewable portfolio standards (RPS) for electricity suppliers.
Accelerating Renewable Adoption
To expedite the transition to renewable energy, the party proposes mandating solar panel installations in public parking lots along highways and implementing RE100 across public infrastructure. This initiative underscores South Korea’s commitment to aligning with global efforts to curb greenhouse gas emissions, aiming for a 52% reduction from 2018 levels by 2035.
Investing in Renewable Innovation
To incentivize investment and innovation in renewable energy, the Democratic Party plans to enact a Carbon Neutrality Industry Act and expand national strategic technology investment tax credits to include renewable energy technologies. Additionally, the establishment of a Ministry of Climate and Energy reflects the party’s dedication to revamping institutional responses to the climate crisis.
Promoting Eco-Friendly Transportation
The party’s proposal includes initiatives to encourage eco-friendly public transportation, such as discounted passes for youth and seniors, alongside plans to phase out internal combustion engine vehicles by 2035. Substantial subsidies for electric and hydrogen-powered vehicles, coupled with an expansion of charging infrastructure, aim to facilitate widespread adoption.
As South Korea pioneers renewable energy initiatives, such comprehensive strategies underscore a concerted effort towards a greener, more sustainable future. Through policy innovation and collaborative efforts, the nation paves the way for global climate action.
Source：koreabizwire.com
