Policy status:In Force
Date Effective:2001
Date Amended:

2014 (Last amendment)

Policy Type:Research, Development and Deployment (RD&D), Policy Support, Policy Support>Strategic planning, Economic Instruments>Direct investment
Renewable Energy Policy Targets:Multiple RE Sources
Policy Sector:Heating and Cooling
Climate Change Policy Targets:Framework/ Multi-sectoral Policy
Agency:Ministry of Trade, Industry & Energy (MOTIE), Korea Energy Agency (KEA)
Funding:2004-2011: KRW 9.1 trillion (USD 7.6 billion)
Renewable Energy Description:

Low-interest loans offered to companies that employ renewable energy technologies, processes and equipment. - A 10% investment tax credit for companies investing in energy RD&D projects. - Priority in receiving tax credits for companies reserving funds to invest in renewable energy RD&D. - Plans to strengthen mandatory fixed-price purchases of renewables electricity. - Plans to provide grants for RD&D of renewable technologies up to 75% of capital cost for PV and 25% for wind power. In addition, a green pricing program is under review, more RD&D activities are supported and through project-based business centres, the private sector is encouraged to undertake RD&D activities by providing grants and credits.

Climate Change Description:

Based on the Act on the Promotion of the Development, Use and Diffusion of New and Renewable Energy Article 5, the Basic Plan for the Promotion of the Development, Use and Diffusion of New and Renewable Energy is established every five years. KEA involves in policy making by setting targets and methods, and provides the public with information of government policy directions, businesses and, NRE facilities to promote a wide understanding of NREs.

This record supersedes:New and Renewable Energy RD&D Basic Plan

Last modified: Thu, 02 Jun 2016 16:44:59 CEST