Korea: quick facts
South Korea’s new energy policy will see further movement towards green and renewable energy. Renewable energy, currently less than 5% of total power generation, will increase to 20% by 2030 according to the Renewable Energy 3020 Plan announced in December 2017. Approximately €7.2 billion will be invested into the renewable energy sector until 2030.
Prospects are high for European companies specialising in products and technologies for low-carbon power generation, solutions for energy prosumers (such as smart grids, zero-energy building technologies, household PVs), systems-based convergence technologies, environmentally-friendly refrigerants, cost-reducing technologies for self-sustaining power generation, and waste-to-energy technologies (including waste-to-energy recycling).
European companies operating in the Green Energy and Clean Technologies sectors can access market opportunities through the EU Gateway | Business Avenues programme.
Singapore & Indonesia: quick facts
Singapore’s green energy industry contributes €2.25 billion to their overall economy. The country’s aim to reduce energy intensity by 35% by 2030 has driven growth in demand for green solutions, further drawing private sector investment worth over €2.5 billion. The Singaporean market is “a living lab for innovative solutions” with many untouched opportunities making it one of the fastest growing markets in this industry.
There are high prospects in Singapore for European companies with rich PV expertise, electric vehicle solutions, micro-grid solutions and green building technologies.
Indonesia is the largest energy user in the Association of Southeast Asian Nations (ASEAN), accounting for nearly 40% of total energy use among ASEAN members. With electricity consumption expected to triple by 2030, Indonesia has set out to achieve 31% renewable energy use between 2025 to 2050. The end of the state owned monopoly and the government’s aim for near 100% electrification has opened the green energy industry landscape for innovative private companies.
There are high prospects in Indonesia across the value chain for the renewable energy sector (including production, transmission and distribution), in infrastructure and building energy technologies, and for the electric vehicle industry.