South Korea is accelerating its renewable energy ambitions, with plans to almost triple installed capacity to 100GW by 2030 as it seeks to reduce emissions, strengthen energy security and cut reliance on costly fossil fuel imports.
New research from Ember and Global Energy Monitor suggests the target could slash the country’s annual fossil fuel power import bill from an estimated USD 25 billion to around USD 13 billion.
The move comes as global energy markets remain volatile, with gas prices rising 41% year-on-year following disruption linked to the conflict in Iran and the closure of the Strait of Hormuz.
Wind and solar are already delivering significant savings. Researchers estimate the technologies will save South Korea USD 4.7 billion in fossil fuel import costs during 2026 alone, highlighting the economic and environmental benefits of clean energy investment.
Matt Ewen, Energy Analyst at Ember, said: “South Korea is one of the most exposed countries in the world to oil and gas price shocks. The country spends more of its GDP on fossil fuel imports than 94% of the world’s population. Renewable energy can help provide the country with the secure, cheap power it needs to shield itself against future price shocks.“
South Korea currently has around 37GW of renewable energy capacity installed. If existing solar growth continues and planned wind projects are completed, the country could reach 92GW before the end of the decade.
The strategy includes expanding rooftop, floating and agricultural solar projects, alongside accelerating offshore wind development. Researchers believe these technologies can help reduce carbon emissions while creating new economic opportunities.
Yonghyun Song, Chief Technology Officer of NEXT group, said: “Every gigawatt of renewable capacity installed is money that stays in South Korea rather than flowing to a fossil fuel exporter.”
By pairing renewable energy expansion with electrification and energy storage, South Korea aims to build a more sustainable and resilient energy system for the future.
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