An Offshore Energy Innovation Strategy to Implement the Korean Green New Deal

Eunchang Lee () and Sungin Hong ()
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Eunchang Lee: Korea Institute for Industrial Economics and Trade, Postal: Sejong National Research Complex, Korea Institute for Industrial Economics and Trade, 370 Sicheong Dae-ro C-dong 8-12F 30147, Republic of Korea, http://www.kiet.re.kr
Sungin Hong: Korea Institute for Industrial Economics and Trade, Postal: Sejong National Research Complex, Korea Institute for Industrial Economics and Trade, 370 Sicheong Dae-ro C-dong 8-12F 30147, Republic of Korea, http://www.kiet.re.kr

No 21/9, Research Papers from Korea Institute for Industrial Economics and Trade

Abstract: Korea’s Green New Deal and plans for developing offshore wind power have brought greater attention to offshore wind power. To overcome Korea’s limitations in terms of land area and natural resources, the country’s position as a peninsula must be fully utilized. Toward this end, it is necessary to consider strategic investment in marine renewable energy such as offshore wind, wave and tidal power. Having previously exited the wind power market, the shipbuilding industry is now returning as signs show that the commercialization of floating offshore wind power is on the horizon in Korea. As with wind power, floating offshore wind took decades to be commercialized. This work consists of a number of case studies of failed wind power and offshore plant projects. It analyzes the variables that influenced the failure of these projects and describes the implications for policy carried by the findings.

Keywords: alternative energy; renewable energy; environmental policy; wind power; offshore wind; wave power; tidal power; shipbuilding; shipbuilding industry; offshore platforms; floating offshore wind power; turbines; turbine technology (search for similar items in EconPapers)
JEL-codes: L50 L52 L53 Q40 Q42 Q43 Q48 Q54 Q55 Q56 Q57 Q58 (search for similar items in EconPapers)
Pages: 15 pages
Date: 2021-02-25
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Persistent link: https://EconPapers.repec.org/RePEc:ris:kietrp:2021_009

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