Korea unveils new incentives to buoy offshore wind park projects

The incentive rates will be adjusted according to their impact on the country's target.

The South Korean Ministry of Trade, Industry and Energy plans to raise incentives for offshore wind park operators while cutting back subsidies on biomass producers. The incentive rates for renewable energies will be adjusted accordingly according to their impact on the environment and their respective contribution to the country's greenhouse gas emissions (GHG) reduction target. Under the new regulation, subsidies on solid recovered fuel (produced by shredding and dehydrating biodegradable waste) will be reduced since this energy source is considered less environmentally friendly than solar and wind power.

In its first Nationally Determined Contributions (NDC) document submitted to UNFCC, South Korea aims to reduce total GHG emissions by 37% from a business as usual scenario by 2030. The country also plans to increase the share of renewable energies from the current 7% to 20% by 2030, which would raise the renewable capacity to 63.8 GW by this date.

This article was originally published by Enerdata.