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Policy
Korea
2020
Korean New Deal 10 key projects – Smart and green industrial complexes
Among the 10 key projects of the Korean New Deal, one is related to building smart and green industries. To do so, the government intends to: - Build smart energy platforms which control energy generation and consumption in real time - Build 100 eco-factories, which produce a minimum level of pollutants through recycling, as well as 1,750 clean factories - Promote recycling between manufacturers within an industrial complex (81 by 2025) - Help 9,000 small manufacturers with installing fine dust reduction systems - Set up smart industrial complexes (15 by 2025) with simulation centers to test manufacturing processes and adopt…
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Policy
Korea
2020
Korean New Deal 10 key projects – Green energy
Among the 10 key projects of the Korean New Deal, one aims to expand renewable energies in the power sector. Several key low-carbon energies are tageted by this measure: Wind power: Help to develop test sites in at least 13 areas Solar power: Introduce profit-sharing programs among residents, increase loans and support installation costs Hydrogen: Develop all the source technologies needed from generation to consumption, and build "hydrogen cities" The government also aims to support the transition from fossil fuel generation to renewable energy generation, and to develop evaluation standards for cooling and heating with river water. A…
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Policy
Korea
2020
Korean New Deal 10 key projects – Green and smart schools
Among the 10 key projects of the Korean New Deal, one aims to build and retrofit schools. To do so, the government announced that it will: - Remodel old school buildings, making them energy-efficient and run by solar power. In addition it will increase the classroom WiFi coverage for primary and secondary schools to 100 percent by 2022.- Build a digital education platform, which uses big data and provides custom-made education content. 124,000 jobs would be created by the implementation of this scheme, partly based on fiscal support.
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Policy
Korea
2020
Korean New Deal 10 key projects – Green remodeling
Among the 10 key projects stated in the Korean New Deal, one is related to retrofitting buildings. To do so, the government intends to: - Retrofit public rental homes older than 15 years, old day care centres and healthcare facilities to become energy efficient - To build new day care centres and public sports facilities with energy-efficient and eco-friendly materials - To retrofit a total of 1,148 recreation facilities to be energy-efficient, with solar generation systems and LED lamps - To develop underground power lines and communications cables in school zones, through an investment of 2 trillion won…
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Policy
Korea
2021
Korean New Deal Fund
In order to raise private investments in the context of the Korean New Deal, the government launched a ‘Korean New Deal Fund’ in September 2020. Fiscal support by the government and policy banks over the next five years will be complemented by tax incentives as well as regulatory improvements to facilitate private sector investments.
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Policy
Korea
2020
Korean New Deal - Digital New Deal, Green New Deal and Stronger Safety Net
The Korean New Deal, announced in Korean on July 14 2020, plans to invest total 160 trillion won (114.1 trillion won worth of fiscal investment) to create 1,901,000 jobs by 2025. The Korean New Deal aims to transform the economy to make it greener, with more digital services and stronger safety nets, implemented through fiscal support for pump priming and improved regulations to promote the private sector.
Directly related to energy:
Green New Deal: 73.4 trillion won (42.7 trillion won from the Treasury) will be invested. With the aim to strengthen climate action and realize… -
Policy
Korea
2020
Korean New Deal 10 key projects – Eco-friendly mobility of the future
Among the 10 key projects of the Korean New Deal, one aims to develop electric and hydrogen mobility. To do so, the government is focusing on:
Electric cars: A total of 1,130,000 vehicles to be supplied, as well as charging equipment
Hydrogen fuel cell cars: A total of 200,000 vehicles to be supplied, along with the stable supplies of hydrogen fuel
Old diesel vehicles: Promote scrapping of old diesel vehicles, including construction vehicles and farm machines
Old vessels: Promote replacement with LNG vessels and use diesel particulate filters (DPF) for public vessels
R&Ds for future… -
Policy
Korea
2025
US-Korea Critical Minerals Arrangement
On 29 October 2025, US President Donald Trump visited the Republic of Korea. During this visit, the two countries concluded a number of arrangements on trade, investment, energy, technology and manufacturing. Among other matters, the two countries agreed to stabilise and diversity the critical mineral supply chain through public-private collaboration in the mining and refining of such minerals. In addition, as part of the visit, it was announced that America's ReElement Technologies and Korea's POSCO International would partner to launch a US-based, vertically integrated rare earth separation, refining and magnet production complex focused on high-value…
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Policy
Australia
2021
Australia - Korea Comprehensive Strategic Partnership
The Comprehensive Strategic Partnership builds on the co-operation and dialogue between Australia and Korea across mutual economic and diplomatic interests. Concerning critical minerals, the two countries pledge to ensure supply chain resilience and co-operation with the aim of increased certainty of supply to the renewable energy and advanced manufacturing sectors. The Minister for Trade, Industry and Energy of Korea and the Minister for Resources and Water of Australia signed a Memorandum of Understanding on Critical Mineral Supply Chains and agreed that the Korea-Australia Critical Minerals Working Group would lead collaboration across several joint initiatives, including supply chain…