Current plans

The South Korean administration aims to increase electricity production from renewable sources to 205.7 TWh by 2038, which would account for almost 30% of total production. Korea relies on a strong industrial base for solar energy. Installed capacity reached nearly 24 GW in 2023, more than double that of 2017. The cost of installing solar projects there fell from approximately KRW 6.5 billion (~USD 4.6 million) per MW in 2006 to approximately KRW 1.2 billion (~USD 0.9 million) per MW in 2020, indicating increasing efficiency. In addition to conventional installations, new forms are gaining in importance, such as floating power plants on dams, agrivoltaics combining agriculture and energy production, and solar panels integrated into urban buildings. In its research, Korea is focusing on tandem cells with higher efficiency and lower costs and is looking for partners in Europe and Asia. In offshore wind energy, current capacity in operation is still low, but licenses already issued (EBL – Electricity Business License) cover over 30 GW. Projects require the supply of turbines, structures, submarine cabling, transformers, and specialized services, with considerable scope for foreign partners.

Global cooperation 

In recent years, Korea has significantly strengthened its involvement in climate finance. Through the Economic Development Cooperation Fund (EDCF), the volume of climate-focused projects has increased from USD 393 million in 2021 to USD 1.34 billion in 2024 – more than tripling. Between 2022 and 2024, 82.8% of EDCF funds were allocated to projects with a primary or significant climate component. Korea does not implement its climate projects directly, but through institutions and partners, notably the Export-Import Bank of Korea, the Green Climate Fund (based in Seoul), and the Global Green Growth Institute. These organizations combine grants, loans, and technical assistance and involve both Korean and foreign companies. Examples include Cambodia, where Korean institutions are supporting the transition to electric mobility by supplying thousands of electric scooters and building charging infrastructure; Uzbekistan, where Korea participated in the issuance of green bonds worth USD 1 billion; and Senegal, where it supports the modernization of agriculture. These examples show that Korea is positioning itself as a global partner for green growth, while also implementing projects in cooperation with multilateral funds and development agencies.

Opportunities for Czech companies  

A number of specific opportunities are opening up for Czech companies. Offshore wind energy will require technologies and services for tower foundations, anchoring systems for floating turbines, submarine cables, transformer stations, monitoring and inspection systems, and service equipment. Czech companies with expertise in energy and engineering can enter this market as subcontractors for Korean developers and construction consortia. In solar energy, Czech industry can supply structural solutions, materials, and control systems. There is also an opportunity in solar panel recycling, which will become inevitable as capacity increases. Research in the field of the above-mentioned tandem cells and perovskite technology also has strong potential. Korean climate financing represents an opportunity for Czech consulting and auditing companies in project verification, green bond issuance, and MRV (monitoring, reporting, verification) systems. Last but not least, there are opportunities in electromobility and charging infrastructure, where, for example, when involved in Korean development projects, our companies can offer charging infrastructure systems, payment platforms, or battery network management—technologies that can be used both in Korea and in partner countries. 

Outlook 

Korea is heading towards a fundamental transformation of its energy mix, in which nuclear and renewable sources will form the backbone of its decarbonization strategy, while fossil fuels will gradually be phased out. This will create demand for innovation, technologies, and services, where Czech companies can play an active role. Timely involvement in projects and partnerships with Korean institutions and the private sector will be key. 

If interested, Czech companies can contact the commercial department of the Czech Embassy in Seoul at: seoul.commerce@mzv.gov.cz.  

Jakub Kopecký, Economic Diplomat, Embassy in Seoul