REPUBLIC OF KOREA
SUPPORTING POLICIES FOR OCEAN ENERGY
NATIONAL STRATEGY AND TARGETS
The national strategy for the development of ocean energy in Korea, approved by the National Science and Technology Council in 2015, was established based on the “Mid-term and Long-term Clean Ocean Energy Development plan 2015-2025”, which was written by both MOF (Ministry of Oceans and Fisheries) and MOTIE (Ministry of Trade, Industry and Energy). It emphasized the key action plan to stimulate R&D and to commercialize technologies related to the ocean energy.
REGULATORY FRAMEWORK
Although there is no explicit legislation or regulation related to ocean energy by itself, there are national acts towards the development of the renewable energy, such as the “Framework Act on Low Carbon, Green Growth”, the “Act on the Promotion of the Development, Use and Diffusion of New and Renewable Energy”, and the “Energy Act” in general.
Furthermore, various regulatory measures for marine environmental protection are being implemented in the development of ocean energy, such as the “Framework Act on Marine Fishery Development” and the “Marine Environment Management Act”.
The “Act on the Promotion of the Development, Use and Diffusion of New and Renewable Energy” enforces the obligatory appliance of the renewable energy resources for public buildings and the thermal ocean energy for the air conditioning is to be one of the renewable energy resources.
MARKET INCENTIVES
The renewable portfolio standard was established in 2012 to enforce utility companies with the capacity of over 500 MW to provide an obligatory portion of the total electricity production with renewable energy, which was 4.0% in 2016.
The market incentive plan, known as tradable Renewable Energy Certificate (REC), supplements the RPS policy. The value of REC is 2.0 for tidal current, 1.0 for tidal barrage with embankment and 2.0 for tidal barrage without embankment, whereas the value of REC for the wave and thermal ocean energy is yet to be determined.
PUBLIC FUNDING PROGRAMMES
MOF and MOTIE provide public funding for ocean energy R&D, as well as demonstration projects. MOF funding focuses mainly on open sea demonstrations under the “Practical Ocean Energy Technology Development Programme” while the MOTIE primarily supports the fundamental R&D projects under the “New and Renewable Technology Development Programme”.
