South Korea seeks triple renewables as fossil fuel power import bill heads USD 25 billion

South Korea aims to triple its renewable energy capacity to 100GW by 2030 to mitigate the economic impact of volatile fossil fuel prices. Since 2010, wind and solar have saved the country USD 25 billion in LNG import costs. While the country possesses strong industrial capabilities in solar panels, batteries, and transformers, it faces significant land constraints and grid bottlenecks, particularly in transmitting power from Honam to Seoul. The government is prioritizing a high-voltage direct current energy highway and digital grid integration to support this transition.

• South Korea's transition to renewables is driven by high economic exposure to fossil fuel price shocks, with the country spending a larger share of its GDP on these imports than 94% of the global population. Between 2010 and the present, wind and solar generation provided a cumulative 283TWh of electricity, which saved the country USD 25 billion compared to using imported liquefied natural gas (LNG).
• The South Korean government intends to formalize a target of 100GW of renewable energy capacity by 2030 as part of the Green Great Transformation Strategy, nearly tripling the current installed base of 37GW. To reach this, the country is relying on offshore wind, which accounts for 11.3 GW of the 14.4 GW of planned wind capacity through 2030, and floating solar, with an estimated potential of 11 GW on reservoirs.
• A critical barrier to the 100GW target is a severe grid bottleneck between the renewable energy hubs in Yeongnam and Honam and the high-demand Seoul area, where existing transmission lines can only carry 4.5GW from Honam. The government is responding by prioritizing a high-voltage direct current energy highway and planning for up to 10GW of pumped hydro storage by 2030.
• South Korea is integrating its energy transition with a broader decarbonization of the heating sector, which accounts for approximately 48% of final energy consumption. The strategy involves replacing gas-based heating with renewable district heating networks and electric heat pumps, alongside a roadmap to reduce coal power by 2040.

APA

(GEM), M. E. K. R. (. J. S. K. O. (n.d.). South Korea seeks triple renewables as fossil fuel power import bill heads USD 25 billion. Global Energy Monitor. https://globalenergymonitor.org/research/south-korea-seeks-triple-renewables-fossil-fuel-power-import-bill-heads-usd-25-billion

Chicago

(GEM), Matt Ewen, Kostantsa Rangelova (Ember), Janna Smith, Kasandra O'Malia. South Korea seeks triple renewables as fossil fuel power import bill heads USD 25 billion. Global Energy Monitor, n.d. https://globalenergymonitor.org/research/south-korea-seeks-triple-renewables-fossil-fuel-power-import-bill-heads-usd-25-billion.

Wikipedia

{{cite report |last1=(GEM) |first1=Matt Ewen, Kostantsa Rangelova (Ember), Janna Smith, Kasandra O'Malia |title=South Korea seeks triple renewables as fossil fuel power import bill heads USD 25 billion |publisher=Global Energy Monitor |url=https://globalenergymonitor.org/research/south-korea-seeks-triple-renewables-fossil-fuel-power-import-bill-heads-usd-25-billion |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{gemndsouth, author = {(GEM), Matt Ewen, Kostantsa Rangelova (Ember), Janna Smith, Kasandra O'Malia}, title = {{South Korea seeks triple renewables as fossil fuel power import bill heads USD 25 billion}}, institution = {Global Energy Monitor}, url = {https://globalenergymonitor.org/research/south-korea-seeks-triple-renewables-fossil-fuel-power-import-bill-heads-usd-25-billion}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }