This report sets out the core economic and wider social and environmental benefits of offshore wind development in South Korea and discusses how these benefits could be leveraged to achieve coastal regeneration.
Overview
Offshore wind (OFW) is a reliable, scalable sustainable source of electricity. The South Korean government has set a target of reaching 14.3 GW of OFW before 2030, and as of 2023, the country has 140 MW of installed capacity across six windfarms.
Beyond decarbonisation, offshore wind can offer South Korea other economic, social and environmental benefits. The scale-up of offshore wind development serves as a window of opportunity for the country to pursue economic and social regeneration along its coasts. But seizing this opportunity will require a well-established policy framework and support from regional and national institutions. Offshore wind development can support coastal regeneration, but this will require planning, stakeholder engagement, and collaboration between government and industry.
This report sets out the core economic and wider social and environmental benefits of offshore wind development and discusses how they could be leveraged to achieve coastal regeneration. It also highlights the potential economic impacts of offshore wind development in South Korea, using an input-output (IO) analysis to estimate the expected value-added and employment for the construction of 14.3 GW of OFW planned for 2030.
Finally, this report highlights best practices, approaches and mechanisms for ensuring offshore wind development supports coastal regeneration, based on case studies from more mature offshore wind markets.
