IEA Launches Review of Republic of Korea’s Energy Policy

IEA23 November 2012: The International Energy Agency (IEA) has released a new report, titled "Energy Policy of IEA Countries: Korea 2012."

Speaking at the launch of the report, IEA Executive Director Maria van der Hoeven said, “Korea has taken great steps to enhance energy security and to foster the development of new and renewable energy alongside the expansion of its energy-related R&D programme, which is one of the largest in the IEA.”

The report notes key developments in the country's energy policy since its 2008 adoption of a national green-growth strategy to pursue clean energy and low-carbon technology for economic development, including policies to expand nuclear power, improve energy efficiency, and by 2015, implement Asia's first greenhouse gas emissions-trading scheme.

Based on the review, the report recommends the Republic of Korea reform electricity and natural gas markets to ensure fair competition, develop an integrated energy efficiency strategy, and elaborate elements for the proposed emissions trading-scheme.

The previous in-depth IEA review of Korea's energy policy was released in 2006. [IEA Press Release] [Executive Summary of the Report]