What’s more, they show that over half of these emissions reductions from wind and solar will actually save money, compared to the reference (“business as usual”) scenario. The IPCC shows solar and wind expansion as the most economical means to achieve that goal, with a potential to provide a third of the total emissions reductions necessary by 2030. Most affected companies include Samsung Electronics, SK Hynix and Hyundai Automobile, whose main competitors or trading partners abroad like Apple and BMW have already committed to 100% renewables targets.ĭue to the current heavy reliance on fossil fuels, the lack of solar and wind power in South Korea’s energy mix makes it impossible for South Korean exporters to fulfil the 100% renewable energy requirement.Īn ambitious target and policy support for renewables is crucial to keep the South Korean economy humming post-Pandemic, especially in the wake of the recently published IPCC report.Įmber’s analysis of the latest IPCC report on Mitigation, published this week, shows coal power needs to collapse this decade, and gas power needs to see big reductions next decade, as the global electricity heads towards 100% clean electricity. A 2021 white paper from ‘KDI School of Public Policy and Management’ revealed that South Korean exports in the semiconductor industry may be slashed by 31% if companies did not participate in the RE100 initiative.
The RE100 initiative is a global coalition of companies committed to utilising 100% wind and solar energy.
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