Exploring Korean Wind Power: Projects & Business Opportunities co-organised by the Embassy of the Republic of Korea, KOTRA, and the Embassy of Denmark in Korea

When: Wednesday, 26 April 2023, 11:00 - 12:00
Where: Markets Stage

Session description

The South Korea government should be commended for its significant commitment to offshore wind – 14 GW by 2030 – as the government recognizes the energy security and decarbonization benefits that offshore wind brings. The commitments by the government to develop offshore wind have attracted substantial interest from both foreign and domestic players with many joint ventures formed.

The presence of some key local and international supply chain players (Doosan, Hyundai, CS Wind, Samkang M&T, and LS Cable, among others) provides an ideal environment and yields favourable opportunities for wind developers to enter the market. South Korea’s marine and ship-building industry capability is world-class and is ready to build ships, foundations and other marine components needed by the wind industry.

There are currently two one-stop-shop (OSS) bills that have been introduced, one by National Assembly Member Kim and one by National Assembly Member Han. Both would bring clarity to the process of offshore wind development, although both differ slightly in their approach. Ultimately the main purpose of these bills aims to establish a holistic approach to offshore wind site allocation and push for a one-stop-shop system.