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IEA Special Korea 2020-Energy Policy Review
Failure to open the electricity
sector and introduce true
competition and independent
regulation along the electricity
value chain can become major
impediments for Korea’s
energy transition.
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
IEA Executive Director Korea’s policies to help the country guide the transformation of its
Fatih Birol energy sector towards a secure and sustainable future.
