The party’s policy committee announced the “Renewable Energy 3540″ electoral pledge. (Image courtesy of Yonhap)
SEOUL, Mar. 21 (Korea Bizwire) – The main opposition Democratic Party of South Korea unveiled an ambitious plan on March 20 to increase the country’s reliance on renewable energy sources to 40% by 2035, a significant stride toward achieving the “100% Renewable Energy” (RE100) goal.
The party’s policy committee announced the “Renewable Energy 3540″ electoral pledge, a comprehensive strategy to combat climate change and transition toward a sustainable energy future.
Central to the plan is the reintroduction of a Korean-style feed-in tariff (FIT) system, which provides financial incentives for renewable energy producers, and an increase in the mandatory renewable portfolio standards (RPS) for electricity suppliers.
To further accelerate the adoption of renewable energy, the Democratic Party proposes mandating the installation of solar panels in public parking lots along highways and implementing RE100, a global initiative for companies and institutions to source 100% of their electricity from renewable sources, across public buildings, railways, and roads.
Aligning with global efforts to mitigate climate change, the party aims to reduce South Korea’s greenhouse gas emissions by 52% from 2018 levels by 2035, setting an ambitious national emissions reduction target (NDC).
Specific measures outlined in the pledge include phasing out coal-fired power plants by 2040 and establishing a Climate Crisis Response Fund, which will secure at least 7 trillion won (approximately $5.4 billion) by 2027 and gradually increase in size thereafter.
To spur investment and innovation in the renewable energy sector, the Democratic Party plans to enact a Carbon Neutrality Industry Act, akin to the U.S. Inflation Reduction Act (IRA), and add renewable energy technologies to the list of industries eligible for national strategic technology investment tax credits.
Recognizing the urgency of addressing climate change, the party also promises to establish a new Ministry of Climate and Energy to overhaul the nation’s institutional response to the climate crisis.
Efforts to promote eco-friendly public transportation are also included in the proposal. Initiatives such as a monthly youth pass priced at 30,000 won, a national pass for 50,000 won, and a free pass for senior citizens aim to encourage the widespread adoption of public transit.
Furthermore, the Democratic Party plans to phase out the sale of internal combustion engine vehicles by 2035 and expand the adoption of zero-emission vehicles through increased subsidies for the purchase and conversion to electric and hydrogen-powered vehicles. The proposal also calls for a significant expansion of charging infrastructure, including rapid and ultra-fast chargers, along major roads and highways.
M. H. Lee (mhlee@koreabizwire.com)
