Offshore Wind is an opportunity for South Korea
Offshore wind has not only emerged as a resilient renewable energy solution for South Korea, but it has also become recognised as an important industrial opportunity, which can aid in the economic revitalisation of key coastal regions.
Overview
The report examines the immense potential that offshore wind presents for South Korea’s coastal areas, with a specific focus on its role in fostering economic benefits and attracting investment.
Key Insights
Economic benefits local cities could derive from offshore wind if the government's offshore wind installation target of 14.3GW is met by 2030:
- Over 770,000 jobs in offshore wind across the value chain at different skill levels (these positions include marine engineers, factory workers, business managers, health and safety specialists, and low- and medium-skilled roles such as catering staff, cleaners, and security personnel).
- A staggering economic investment of approximately 87 trillion won from offshore wind project construction over seven years.
- To develop a 500 MW offshore wind farm, an approximate 2.1 million direct person-days is required, in addition to various indirect or induced jobs, demonstrating the impactful economic benefits that can be brought about through the industry.
- Port investment and developing economic clusters are possible ways that South Korea could employ to further ensure long-term regeneration.
