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Act on the Promotion of the Development, Use and Diffusion of New and Renewable Energy
In an attempt to further reduce Koreas dependence on imported In an attempt to further reduce Koreas dependence on imported fossil fuels, especially oil, the New and Renewable Energy Development and Promotion Act encouraged the installation of waste-incineration facilities that generate heat and power and residential solar heaters. It also promoted small hydro-electric plants and facilities to use methane gas. The act constituted the initial framework for the development of new and renewable technologies in Korea.
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5th Energy Technology Development Plan and Energy Technology Roadmap
The 5th Energy Technology Development Plan is Korea’s medium- to long-term R&D strategy for achieving carbon neutrality and energy security through a carbon-free energy technology ecosystem. It sets targets to raise energy technology self-reliance to 90% and the commercialisation rate to 50%, with expected economic spillover effects of KRW 59 trillion. The plan is structured around four strategies and 14 tasks covering the full energy value chain from supply to delivery systems and demand. Priority technologies include next-generation nuclear, SMRs, tandem solar cells, renewables, clean hydrogen, HVDC, AC/DC distribution, ESS, heat pumps…
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K-Grid Global Expansion Strategy
The strategy supports overseas expansion of Korea’s grid industry, including power cables, transformers, converters, ESS and grid solutions. The government launched the public-private K-Grid Export Alliance and set a target of USD 15 billion in grid-related exports by 2030, equivalent to more than 5% of the global market. It aims to build integrated export packages covering generation and grid infrastructure, target fast-growing HVDC and large-demand industrial markets, and support companies through project discovery, finance, trade insurance, legal assistance and overseas partnerships. The strategy also seeks to create more Korean firms with annual grid exports…
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5th Petroleum Stockpiling Plan
The 5th Petroleum Stockpiling Plan updates Korea’s strategic petroleum reserve framework to strengthen oil supply security and emergency response capacity. The plan is intended to manage public and industry-held petroleum stocks, storage infrastructure, release procedures and coordination among government, KNOC and private oil companies in the event of import disruption or severe price volatility. It should be understood as an oil emergency preparedness instrument rather than a demand-side fuel policy. If the original plan text becomes available, the reserve target, stockholding days and storage-capacity figures should be added.
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4th Basic Mining Plan (2025–2034)
The 4th Basic Mining Plan is Korea’s ten-year strategy for the mining sector for 2025–2034. It aims to secure stable supplies of industrial raw materials while building a sustainable and technologically advanced domestic mining ecosystem. The plan contains four strategies and 13 policy tasks covering critical-mineral exploration and development, rare-metal stockpiling, recycling industries, smart mining, materials and processing technologies, limestone processing clusters and eco-friendly mine development. It also includes workforce training and industrial support measures to strengthen domestic mining competitiveness.
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Oil Market Report - March 2025
The IEA Oil Market Report (OMR) is one of the world's most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries. Highlights Growth in global oil demand is set to accelerate to just over 1 mb/d this year, from 830 kb/d in 2024, reaching 103.9 mb/d. Asia accounts for almost 60% of gains, led by China where petrochemical feedstocks will provide the entirety of…
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Financing CCUS at Scale
How to Mobilise Private Capital Carbon capture, utilisation and storage (CCUS) is an important area of attention for governments and financiers as both look to balance policy and investment goals. Recent financial investment decisions of major projects show promise in a sector that is gaining momentum, but its future success depends on viable business models and effective risk allocation across the value chain.In this context, Financing CCUS at Scale is the IEA’s latest report on what it takes to move CCUS projects from the drawing board to operation. Building on expert interviews with leading financial institutions, the report…
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An Energy Sector Roadmap to Net Zero Emissions in Colombia Executive summary
Colombia is one of the region’s growth success stories Colombia is the third-largest country in Latin America and the Caribbean (LAC) by population, with 53 million inhabitants. Its economy has grown steadily since 1971, even during the “lost decade” experienced by LAC in the 1980s, and with very few exceptions during global crises. GDP has increased by an annual average of 2.4% since 2015, outpacing the regional average of 1.2%. This growth has been accompanied by tangible improvements in indicators of living standards for Colombia’s population: access to clean cooking and electricity have significantly improved, both standing…
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Industry
Industry
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Gas Market Report, Q2-2025
Global natural gas demand continued to expand through the 2024/25 heating season, with growth primarily driven by Europe and North America. Underground storage facilities and reserve mechanisms provided crucial flexibility to the gas system and ensured stable and secure gas supplies over the 2024/25 heating season. In 2025, global gas demand growth is forecast to slow from the previous year amid tighter market conditions, while heightened macroeconomic uncertainties may also weigh on demand.Low gas storage levels and reduced piped gas exports from Russia to the European Union are expected to keep market fundamentals tight. Supported by higher…
