- Government to allow renewable energy purchase as part of RE100 initiative 2021-01-06
The Ministry of Trade, Industry and Energy announced on January 5th that it will allow domestic electricity consumers to purchase electricity from renewable sources as part of the RE100 initiative, a global campaign for transition to 100% renewable energy.
Both industrial and general consumers of electricity can participate in the K-RE100 system through registration at the state-run Korea Energy Agency. Electricity from renewable sources will be procured through the green premium system, the third party power purchase agreement (PPA), the purchase of renewable energy certificates (REC), or self-generation.
By participating in the K-RE100 system, the companies will be recognized their efforts to reduce greenhouse gas emissions, and the Ministry of Environment is in the process of revising relevant guidelines on detailed energy sources and methods of reducing emissions. Moreover, the government will prepare various support measures to promote renewable energy use.
According to MOTIE, at a time when the use of renewable energy is becoming a necessity, the K-RE100 system is expected to further strengthen domestic companies’ global competitiveness and accelerate energy transition.