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.
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%.