Korea plans to invest 90€ billion in renewable energy sources by 2030 and to expand their share to 35% by 2040.
Concerns over air pollution and nuclear safety, as well as a clear commitment from President Moon’s government to cut carbon emissions and move to clean energy are clear drivers for these investments.
European companies looking to enter the market can find strong opportunities, specifically those offering technologies and solutions for smart power grids (wide area monitoring systems, smart electricity equipment), and energy solutions for smart transportation (power conversion systems for vehicle-to-grid systems, EV virtual power plants, advanced EV systems).
Companies operating within the value chain for smart renewables, for example operational equipment for distribution network micro grids or micro-grid systems also have a shot at being successful in Korea.
EU Gateway | Business Avenues organizes an EU-funded mission in Green Energy Technologies in Seoul from 3-7 February 2020. Applications are open until 18 October 2019.