Land of Morning Calm and Wind

The current population of the Republic of Korea (South Korea), known as the “Land of the Calm” is approximately 51.36 million people. In 2017, utilities used coal (40%), nuclear energy (30%), natural gas (22%), renewable energy (5%) and oil (3%) to generate electricity in the country. Solar, wind and biomass are the primary sources of renewable energy in South Korea.

The Fukushima Daiichi nuclear accident in 2011 and South Korean nuclear safety certification issues in 2012 have caused the South Korean government to scale back plans for reduce future nuclear power plants. The government of South Korea has now implemented a strategic energy plan to reduce greenhouse gas emissions, increase renewable energy, minimize growth of nuclear power and improve energy efficiency.

Green Investment Group (GIG) has commenced work on a 1,400 MW floating offshore wind project off the southern coast of South Korea. The project is located approximately 35 miles south of Ulsan City. The project will be completed in three phases with the first phase scheduled to commence operation in 2022.

GIG, headquartered in Edinburgh, Scotland specializes in green energy project development and services including financial investment. GIG is a subsidiary of Macquarie Group Limited, a multinational investment bank, headquartered in Sydney, Australia.

The government of South Korea is faced with a significant energy conundrum. South Korea has the eleventh largest economy in the world and relies heavily on imported fossil fuels. As a signer of the Paris Agreement, South Korea has committed to dramatically reducing greenhouse gas emissions. Prior to the Fukushima Daiichi nuclear accident, South Korea saw nuclear power as the way to reduce greenhouse gas emissions. Today offshore wind project may prove to be one solutions to South Korea’s energy conundrum.

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