Jeonnam Province Leads the 'Korean New Deal' with 48 Trillion Won from the World's Largest Offshore Wind Power

President Moon Jae-in's 'Regional Balanced New Deal Tour' First Stop Jeonnam Visit

Governor Kim Young-rok: "Jeonnam Will Lead the Success of the Korean New Deal"

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Jeonnam Province has revealed an ambitious vision to lead Korea’s new century with the momentum of the ‘Jeonnam-type New Deal’ linked to the Blue Economy.

According to Jeonnam Province on the 5th, the first event of the ‘Regional Balanced New Deal Tour’ to promote the Korean New Deal, the government’s top priority project, was held that day at Imja Bridge in Sinan County, Jeonnam.

About 80 people, including President Moon Jae-in, ministers, and members of the National Assembly, attended.

The holding of the first Regional Balanced New Deal Tour raises expectations for the government’s full support for the success of the Jeonnam-type New Deal.

Jeonnam Governor Kim Young-rok announced the Jeonnam-type New Deal promotion strategy at the event, pledging to drive the success of the Korean New Deal.

A ‘Labor-Management-Government-Civil Agreement Ceremony’ was also held for the creation of the world’s largest offshore wind power complex with a capacity of 8.2GW, equivalent to about eight nuclear power plants, expected to accelerate the promotion of the ‘Jeonnam-type Win-Win Jobs’ centered on local employment and profit sharing.

The 8.2GW capacity corresponds to an annual reduction of about 10 million tons of carbon dioxide, equivalent to planting approximately 71 million pine trees.

Hanwha Construction and Doosan Heavy Industries announced an investment plan worth 2.5 trillion won, marking the start of the offshore wind power complex development, which will proceed in three phases.

In the future, the offshore wind power complex will be established through the participation of private power companies such as KEPCO and SK E&S, offshore wind power manufacturers like CS Wind and Samkang M&T, and local residents.

The offshore wind power complex, with an investment of 48 trillion won, is a pioneering model of ‘private-led, government-supported’ promoted by the Korean New Deal, expected to foster 450 companies and create 120,000 jobs.

The Jeonnam-type Win-Win Jobs agreement signed that day attracted attention because local residents form cooperatives to participate in the power generation business and share profits.

Residents will receive investment returns and REC (Renewable Energy Certificate) weighted returns (approximately 150 billion won when investing 4% of the total project cost). According to the ‘Act on Support for Areas Surrounding Power Plants,’ the surrounding areas will receive basic support funds (5 billion won annually), special support funds (160 billion won, one-time), and regional development funds (from power companies) to be used as resources for regional development such as infrastructure expansion.

This agreement is expected to resolve major pending issues related to the offshore wind power complex, including national support for the joint connection facility construction demanded by Jeonnam, exemption from preliminary feasibility studies, and the enactment and revision of related laws.

President Moon Jae-in said, “An investment agreement for the world’s largest offshore wind power complex and a Jeonnam-type job win-win agreement are being signed together in Sinan, Jeonnam,” adding, “I am very pleased to deliver this welcome news to the people exhausted by COVID-19.”

He continued, “The offshore wind power complex to be built off the coast of Sinan will be seven times larger than the world’s largest existing offshore wind power complex and will generate power equivalent to six new Korean-style nuclear power plants,” emphasizing, “Mokpo will become the logistics hub for offshore wind power, and large-scale offshore wind power equipment manufacturing complexes will be established in Yeongam and Sinan.”

He also said, “This is a great achievement made possible by the residents of Jeonnam, fishermen’s organizations, 18 power companies and manufacturers, and universities in Sinan, Mokpo, Yeongam, and other areas working together,” expressing deep gratitude to all who reached the agreement with one heart.

He expressed expectations, saying, “For the first time as a win-win job model, residents will hold shares and receive profit distributions, which will become a lifelong offshore wind power pension for local residents.”

Furthermore, he introduced, “Jeonnam is implementing the Korean New Deal locally by utilizing its natural resources such as blue sea, sky, and wind, which is why the residents themselves named it the Blue Economy.”

He then urged, “Starting now with the world’s largest offshore wind power project realized through Jeonnam-type jobs, please play a leading role in the Korean New Deal,” and emphasized, “The government will also focus the Korean New Deal on regional balanced development, accelerating large-scale super-regional projects and living SOC to enhance synergy with national balanced development policies.”

He promised, “We will also expedite the Sinan offshore wind power project, which is taking its first step today. To this end, the government will spare no support under the goal of becoming one of the top five offshore wind power countries by 2030,” adding, “We will shorten the project preparation period, which usually takes more than five years until construction, and enact a special law to provide integrated support from site discovery to permits.”

Meanwhile, Governor Kim Young-rok presented the direction of the Jeonnam-type New Deal, including ‘achieving carbon neutrality by 2050,’ ‘leading a smart Korea,’ and ‘creating win-win jobs,’ expressing his ambition for Jeonnam to take the lead in building Korea’s new 100 years.

In particular, he expressed his determination for Jeonnam to lead Korea’s great transformation by pioneering the Green New Deal with the world’s largest offshore wind power complex and carbon absorption citizen practice movement, and the Digital New Deal with automation of Yeosu Gwangyang Port and the establishment of an RE100 pilot national industrial complex.

He also announced plans to create 200,000 future jobs and establish a successful foundation for the Jeonnam-type New Deal by nurturing core talents in the new energy industry based on the Korea Energy Engineering University.

Additionally, Governor Kim proposed to the president to designate 10 cities and counties in Yeongnam and Honam centered on Yeosu as the venue for the ‘UN Climate Change Conference of the Parties’ as a momentum for realizing the Green New Deal.

This content was produced with the assistance of AI translation services.