A report by Timetric reveals that the South Korean authorities intend to increase the share of renewables in their total energy mix to 5% by 2020, a rise from 3.6% in 2014.
Titled ‘Construction in South Korea – Key Trends and Opportunities to 2020‘, the report states South Korea is focusing on cleaner energy options to reduce its greenhouse gas emissions. It also cites a regulation passed by the government in 2012 directing energy companies to generate part of their total energy from renewable sources.
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The country’s nuclear energy sector was impacted by the 2011 Fukushima nuclear disaster in Japan, which led to calls to reduce the use of nuclear energy. As a result, South Korea announced its decision in 2014 to lower the share of nuclear power in total energy production to 41% by 2030 and to 29.0% by 2035. The country was also affected by a nuclear safety certificate scandal resulting in public outrage.
South Korea’s authorities were forced to alter their nuclear power expansion plans due to safety concerns. However, to achieve its targeted 29% production from nuclear sources, authorities will have to increase the country’s existing nuclear power-generation capacity by 2035.
The Timetric report further forecasts the growth of energy and utility-related infrastructure will lead to a promising outlook for the country’s construction industry, which is projected to grow by 2.41% from 2016 to 2020.
Data provided by the Korean Statistical Information Service (KOSIS) indicates the total construction permits, including industrial, commercial and residential, grew by 12.1% in 2015 and the total area of construction also increased by 34.3%.
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