The supply of renewable energy and energy storage systems more than doubled in Korea in the first quarter of this year compared to the same period last year due to the easing of regulations, according to the Ministry of Trade, Industry and Energy of South Korea.
The supply of renewable energy rose 2.5 times to 1.18 gigawatts and the supply of energy storage systems increased 5.3 times to reach 301 megawatt-hour in the first quarter.
Renewable energy, which includes solar energy, wind power, tidal energy and geothermal heat, refers to energy that can be used in a sustainable way. Recycling waste is also classified as renewable energy.
“Due to the expansion of incentives for renewable energy investment and the easing of regulations with the aim of reaching the ‘Renewable Energy 3020’ goal, investment in renewable energy in the private sector has significantly increased,” said Lee Kyung-ho, chief of the Ministry of Trade, Industry and Energy’s new renewable energy policy division.
The “Renewable Energy 3020” goal was set during a strategy meeting presided over by President Moon Jae-in in November last year.