At the end of 2017, Ministry of Trade, Industry and Energy (MOTIE) announced the “Renewable Energy 2030 Implementation Plan” which states the national renewable energy targets and its implementation plans towards 2030. The national objective is 20% renewable energy generation of the national electricity demand by 2030.
According to that plan, 63.8 GW renewable capacity is required by 2030. Among various renewable energy sources, PV and wind will lead the capacity. PV accounts for 36.5 GW (57%) and wind for 17.7 GW (28%) capacity by 2030.
The Renewable energy Portfolio Standards (RPS) is the main policy to support wind energy development, which is basically a technology-neutral, market-based system. It is expected that the country is going to deploy about 12 GW of new offshore wind capacity by 2030.
In October 2020, president Moon Jae-in announced that Republic of Korea aims to achieve carbon neutrality by 2050. Under the Green New Deal, president Moon pledged to replace coal-fired power generation with renewable energy over the next decades.