The goal of the Act on the Promotion of the Development, Use and Diffusion of New and Renewable Energy is to protect natural environment, promote sustainable development and economy, diversify energy sources through promotion and deployment of new and renewable energy technologies.
The Act calls for establishment of the Basic Plan for the promotion of technological development, use and distribution of renewable energy in Korea.
The Act establishes New and Renewable Energy Policy Council under the Ministry of Knowledge Economy responsible for development and implementation of the policies in the sector of renewable energy in Korea. Funds for the realisation of the Basic Plan will be provided from the national budget.
Responsibility to promote renewable energy in Korea lies on the Ministry of Knowledge Economy and on local authorities.
Conditions of issuing and receiving building obligations are set in the Act.
The Act also regulates mandatory supply of renewable energy (RPS) system and system of green certificates.
The Act provides the government with the possibility of establishing New and Renewable Energy Center to support and manage sector’s development and its successful promotion.