South Korea Unveils $747 Billion Plan to Break Its Fossil Fuel Habit
South Korea plans to invest as much as one quadrillion Korean won, or $747 billion, in renewable energy, EV uptake, and industry decarbonization by 2035 as it looks to address energy security concerns and tightening global carbon regulations. Senior South Korean officials on Wednesday presented the details of the so-called Korea Green Transformation (K-GX) Strategy through 2035, which includes…
South Korea has unveiled a staggering $747 billion plan to transition away from fossil fuels by 2035, aiming to bolster energy security and meet stricter global carbon regulations. The ambitious "Korea Green Transformation K-GX Strategy" seeks to generate 100 gigawatts of renewable energy capacity by 2030, and to have electric and hydrogen vehicles comprise over 70% of new vehicle sales by 2035.
President Lee Jae Myung emphasized that South Korea must move from following others to becoming leaders in the green market. The plan also targets significant reductions in emissions across key industrial sectors such as steel, cement, semiconductors, petrochemicals, and refining. The move comes in the wake of the Middle East crisis, which disrupted oil and gas supplies and prompted South Korea to diversify its energy sources.
Currently, wind and solar power could save the country $4.7 billion annually in fossil fuel imports. Ember research indicates that meeting the 100-GW renewable target by 2030 could lead to an additional $12 billion in savings each year. These investments are crucial, as South Korea's annual fossil fuel expenditures for the energy sector alone amount to $133 billion, surpassing the country's defense spending and three times its food imports.
Written by urgent.news from OilPrice's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
