The International Energy Agency (IEA) regularly conducts in-depth peer reviews of the energy policies of its member countries. This process supports energy policy development and encourages the exchange of international best practices.
The Korean government is committed to substantially increasing the share of renewable energy sources in the electricity supply, gradually phasing out coal and nuclear power from the energy mix, significantly improving energy efficiency, and fostering the country’s nascent hydrogen industry. Many of these measures will help Korea advance its energy transition and improve its energy security, a high priority given the country’s limited domestic energy production. The government’s pledge of a Green New Deal as part of its Covid-19 economic recovery package in July 2020 is a significant step towards accelerating Korea’s energy transition. Achieving the ambitions of the Green New Deal will require addressing regulatory and institutional barriers, introducing more flexible energy markets, and making use of the country’s expertise in advanced technologies and innovative capacity.
In this report, the IEA provides recommendations for further improving Korea’s policies to help the country guide the transformation of its energy sector towards a secure and sustainable future.
