Republic of Korea
In 2020-2021, in response to the COVID 19 pandemic, Republic of Korea has committed at least USD 6.28 billion to supporting different energy types through new or amended policies, according to official government sources and other publicly available information. These public money commitments include:
- At least USD 5.00 billion for unconditional fossil fuels through 2 policies (2 quantified)
- No public money commitments identified for conditional fossil fuels
- At least USD 345.43 million for unconditional clean energy through 3 policies (2 quantified and 1 unquantified)
- At least USD 887.76 million for conditional clean energy through 4 policies (4 quantified)
- At least USD 52.53 million for other energy through 1 policy (1 quantified)
By energy type, Republic of Korea committed at least USD 2.46 billion to oil and gas (at least USD 2.46 billion to unconditional oil and gas).
In addition, Republic of Korea committed at least USD 2.54 billion to coal (at least USD 2.54 billion to unconditional coal).
Further, no public money commitments identified for hydrogen based on fossil fuels.
Finally, no public money commitments identified for multiple fossil fuels.
A considerably larger amount of public money committed to supporting the economy and people of Republic of Korea through monetary and fiscal policies in response to the crisis may also benefit different elements of the energy sector. However, these values are not available from official legislation and statements and therefore are not included in the database. Meanwhile, in addition to monetary and fiscal measures, the database lists other policies and regulations that can also provide benefits to producers and consumers of different energy types.
These public money commitments are additional to many other government policies that had existed to support different energy types before the COVID19 pandemic.
More information on key poverty and inequality indicators in Republic of Korea can be found on the Inequality and Poverty Dashboard page.
At least
$5.00 billion
Supporting fossil fuel energy
$96.67
Per capita
At least
$1.23 billion
Supporting clean energy
$23.85
Per capita
Republic of Korea
In 2020-2021, in response to the COVID 19 pandemic, Republic of Korea has committed at least USD 6.28 billion to supporting different energy types through new or amended policies, according to official government sources and other publicly available information. These public money commitments include:
- At least USD 5.00 billion for unconditional fossil fuels through 2 policies (2 quantified)
- No public money commitments identified for conditional fossil fuels
- At least USD 345.43 million for unconditional clean energy through 3 policies (2 quantified and 1 unquantified)
- At least USD 887.76 million for conditional clean energy through 4 policies (4 quantified)
- At least USD 52.53 million for other energy through 1 policy (1 quantified)
By energy type, Republic of Korea committed at least USD 2.46 billion to oil and gas (at least USD 2.46 billion to unconditional oil and gas).
In addition, Republic of Korea committed at least USD 2.54 billion to coal (at least USD 2.54 billion to unconditional coal).
Further, no public money commitments identified for hydrogen based on fossil fuels.
Finally, no public money commitments identified for multiple fossil fuels.
A considerably larger amount of public money committed to supporting the economy and people of Republic of Korea through monetary and fiscal policies in response to the crisis may also benefit different elements of the energy sector. However, these values are not available from official legislation and statements and therefore are not included in the database. Meanwhile, in addition to monetary and fiscal measures, the database lists other policies and regulations that can also provide benefits to producers and consumers of different energy types.
These public money commitments are additional to many other government policies that had existed to support different energy types before the COVID19 pandemic.
More information on key poverty and inequality indicators in Republic of Korea can be found on the Inequality and Poverty Dashboard page.
Public money commitments to fossil fuels, clean and other energy in Republic of Korea recovery packages, USD billion, in 2020-2021
| Country | Jurisdiction | Category | Policy name | Sector | Energy Type | Mechanism | Value committed, USD | Date of announcement | Stage | Legislation and Endorsing Agency | Arm of Government | Primary and secondary stated objective of the policy | Date of entry into force | Implemented repeal date, if any | Value committed, national currency | Value disbursed, national currency | Value disbursed, USD: | Policy background | Links to official sources | Links to additional sources | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Republic of Korea | National | Clean unconditional | Korean President pledged to become carbon neutral by 2050 | Multiple sectors | Multiple energy types | Budget or off-budget transfer ... | 28/10/2020 | Several energy stages | Government | Korean President pledged of the net-zero by 2050 during his administration speech for the 2021 budget at the National Assembly two days after Japan's announcement. There is no official document that indicates the pledge or press release as it is part of Korean LEDS that will release the end of this year. There has been a year-long forum on '2050 Net Zero Vision' in 2019 collecting opinions and reflecting inputs through over 60 times of meetings and then produced the '2050 Net Zero Development Strategy Review' early 2020 for further discussion/consideration that aiming for the release of LEDS by the end of 2020. | https://www1.president.go.kr/articles/9398 Accessed 18 November 2020 |
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| Republic of Korea | National | Fossil unconditional | Bailout for the Airline Companies (Korean Air & Asiana) | Mobility | Oil and oil products | Loan (Hybrid) | 2457052418.2479 | 24/04/2020 | Energy use (all energy types, consumption in transport, household use, buildings etc) | Government | Support industry through COVID-19 impacts | 2900000000000 | Loans for two major Korean Airlines – Korean Air and Asiana 2.9 trillion won (2.6 billion USD) as part of the bailout from the Korea Development Bank and the Export-Import Bank of Korea for the COVID19 pandemic relief i.e. job security. Approved at the 5th Emergency Economy Meeting on 22nd April. | https://asia.nikkei.com/Business/Transportation/Virus-hit-Korean-Air-and-Asiana-offered-2bn-bailout Accessed 7 July 2020 |
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| Republic of Korea | National | Clean conditional | Smart Green Cities in K-New Deal (Digital/Green/Job Security) COVID19 Relief Package | Multiple sectors | Non-applicable (non-energy measure) | Budget or off-budget transfer ... | 47192351.619452 | 03/06/2020 | Non-applicable (non-energy measure) | Ministry of Environment | Government | To green the economy while countering the economic fallout from the coronavirus. | 04/07/2020 | 55700000000 | Supports for building smart green cities for a climate resilient society (55.7b won (m USD) plus an eventual commitment of 470.4b won (332.6m USD)). Includes making a smart city plan, more efficient water circulation, energy efficiency, ecological restoration, and human-centered planning. | http://me.go.kr/home/web/board/read.do?boardMasterId=1&boardId=1375480&menuId=286 Accessed 7 July 2020 |
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| Republic of Korea | National | Clean unconditional | Energy Efficient Buildings in K-New Deal (Digital/Green/Job Security) COVID19 Relief Package | Buildings | Energy efficiency | Budget or off-budget transfer ... | 201817202.07816 | 03/06/2020 | Energy efficiency | Ministry of Land, Infrastructure and Transport (MoLIT) | Government | To green the economy while countering the economic fallout from the coronavirus. | 06/06/2020 | 238200000000 | For high-energy efficiency buildings, MoLIT proposes green remodelling for old state-run facilities including day-care centres, public health centres, medical facilities and public houses (235.2b won = 192m USD) as well as R&D for the Green New Deal (3b won = 2.4m USD). | http://www.molit.go.kr/USR/NEWS/m_71/dtl.jsp?lcmspage=5&id=95083971 Accessed 7 July 2020 |
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| Republic of Korea | National | Clean conditional | Innovative Green Industry Support in K-New Deal (Digital/Green/Job Security) COVID19 Relief Package. | Multiple sectors | Multiple renewable | Budget or off-budget transfer ... | 514710118.65021 | 03/06/2020 | Several energy stages | Ministry of Environment | Government | To green the economy while countering the economic fallout from the coronavirus. | 04/07/2020 | 607500000000 | Supports 100 innovative green businesses and establishes 5 base complexes for promising core areas (including a clean air business cluster, hydrothermal energy convergence cluster, and a electric vehicle spent-battery resource circulation cluster for a total of 407.5b won (332.6m USD)). It will also create and support green jobs and enterprises (200b won loan = 163m USD). | https://web.archive.org/web/20200711020907/ http://me.go.kr/home/web/board/read.do?pagerOffset=10&maxPageItems=10&maxIndexPages=10&searchKey=&searchValue=&menuId=286&orgCd=&boardId=1382295&boardMasterId=1&boardCategoryId=&decorator= |
http://me.go.kr/home/web/board/read.do?boardMasterId=1&boardId=1375480&menuId=286 Accessed 7 July 2020 |
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| Republic of Korea | National | Clean conditional | Low-carbon Transition in K-New Deal (Digital/Green/Job Security) COVID19 Relief Package | Multiple sectors | Multiple renewable | Budget or off-budget transfer ... | 104636542.63918 | 03/06/2020 | Several energy stages | Ministry of Environment (MOE) | Government | To green the economy while countering the economic fallout from the coronavirus. | 04/07/2020 | 123500000000 | This includes support for renewable energy and electric vehicles (123.5b won (102.4m USD) through a doubling of the expansion of electric freight trucks and two-wheel vehicles that support livelihood of low income populations (110.5b won = 90m USD), renewable energy installations for 5,200 environmental treatment facilities (10b won = 8.16m USD), as well as pilot projects for hydrothermal energy. | https://web.archive.org/web/20200711020907/ http://me.go.kr/home/web/board/read.do?pagerOffset=10&maxPageItems=10&maxIndexPages=10&searchKey=&searchValue=&menuId=286&orgCd=&boardId=1382295&boardMasterId=1&boardCategoryId=&decorator= |
http://me.go.kr/home/web/board/read.do?boardMasterId=1&boardId=1375480&menuId=286 Accessed 7 July 2020 |
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| Republic of Korea | National | Other energy | Energy Digitalization in K-New Deal (Digital/Green/Job Security)COVID19 Relief Package | Power generation | Energy efficiency | Budget or off-budget transfer ... | 52530086.183232 | 03/06/2020 | Energy efficiency | Ministry of Trade, Industry and Energy | Government | To green the economy while countering the economic fallout from the coronavirus. | 03/07/2020 | 62000000000 | Support for energy digitalisation including the establishment of a residential smart platform (smart grid) through smart electric meter dissemination (35.3b won = 28.8m USD), an energy diagnostics information database for old buildings (7b won = 5.7m USD), the construction of an energy platform for efficient management of all energy kinds (18.5b won = 15m USD). | http://www.motie.go.kr/motie/ne/presse/press2/bbs/bbsView.do?bbs_seq_n=163000&bbs_cd_n=81¤tPage=51&search_key_n=title_v&cate_n=&dept_v=&search_val_v= Accessed 7 July 2020 |
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| Republic of Korea | National | Clean unconditional | RE Development in K-New Deal (Digital/Green/Job Security) COVID19 Relief Package | Power generation | Multiple renewable | Budget or off-budget transfer ... | 143610477.54932 | 03/06/2020 | Electricity generation | Ministry of Trade, Industry and Energy | Government | To green the economy while countering the economic fallout from the coronavirus. | 03/07/2020 | 169500000000 | Extends support for renewable energy deployment and the hydrogen economy. This includes (1) construction costs for distributed solar PV for housing, buildings, and public institutions (55b won (44.8m USD) of an overall committed budget of 160b won (130.6m USD)); (2) support for loans for solar installations for farmers and fishermen (50b won (40.8m USD) of an overall committed budget of 259b won (211.4m USD)), (3) a renewable energy citizen stockholder / cooperative project for local revitalisation (36.5b won = 29.7m USD); (4) tech development of BIPV and offshore wind complexes (20b won = 16m USD); (5) tech development of green hydrogen production and storage as well as establishment of the hydrogen life-cycle safety management system (7b won = 5.7m USD); (5) research on best practice for local RE development (1b won = 0.816m USD). | http://www.motie.go.kr/motie/ne/presse/press2/bbs/bbsView.do?bbs_seq_n=163000&bbs_cd_n=81¤tPage=51&search_key_n=title_v&cate_n=&dept_v=&search_val_v= Accessed 7 July 2020 |
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| Republic of Korea | National | Clean conditional | Energy Infrastructure Improvement in K-New Deal (Digital/Green/Job Security) COVID19 Relief Package | Power generation | Solar | Budget or off-budget transfer ... | 221219443.58777 | 03/06/2020 | Several energy stages | Ministry of Trade, Industry and Energy (MoTIE) | Government | To green the economy while countering the economic fallout from the coronavirus. | 03/07/2020 | 261100000000 | As part of the digital and green new deal approach, K-New Deal focuses on the short-term economic recovery for the job security under the COVID19 Relief Package with a total of 35.3 trillion won (28.8 billion USD) in investment by 2022 aiming to create 55,000 jobs. MoTIE proposed 16 projects with 478 billion won (390 million USD), 1/3 of the total supplementary budget of Green New Deal (GND). They ultimately approved 17 projects worth 372 billion won (304 million USD). This measure includes improvements to energy infrastructure of the national wide industrial complexes that occupy 77% of industrial energy consumption and emit 83% GHG. This includes loans for solar PV roofs (200b won = 163m USD) and the establishment of a smart energy platform (23b won = 19m USD) for industrial complexes | http://www.motie.go.kr/motie/ne/presse/press2/bbs/bbsView.do?bbs_seq_n=163000&bbs_cd_n=81¤tPage=51&search_key_n=title_v&cate_n=&dept_v=&search_val_v= Accessed 7 July 2020 |
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| Republic of Korea | National | Fossil unconditional | Bailout of Doosan Heavy Industries & Construction Co | Power generation | Coal | Loan (Hybrid) | 2541778363.7048 | 01/07/2020 | Electricity generation | Government of Korea (Ministry of Finance, Financial Services Commission (FSC), Ministry of Employment) | Government | Support industry during COVID-19 impacts | 3000000000000 | The Korea Development Bank (KDB) and the Export-Import Bank of Korea (KEXIM) issued an emergency loan to coal plant manufacturer Doosan Heavy Industries & Construction Co. There is little transparency on any loan conditions. | https://www.koreaexim.go.kr/site/program/board/basicboard/view?boardtypeid=284&boardid=62860&menuid=002001007 Accessed 7 July 2020 |
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