野 "Review of National Power Supply Basic Plan for National Assembly Approval"... Government Ruling Party and 'Renewable Energy' Policy Clash Expected

Demand to Expand Budget Against Government's Renewable Energy Budget Cuts
Opposition: "Are They Going Against Corporate Trends?" Calls for Increased Support
Ruling Party Counters with 'Renewable Energy Expansion Speed Control' Debate

Kim Tae-nyeon, Chairman of the Democratic Party of Korea's Committee for Countermeasures on the People's Livelihood Economic Crisis, is delivering opening remarks at the launch ceremony and press conference of the Committee for Countermeasures on the People's Livelihood Economic Crisis held at the National Assembly on the 13th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Park Jun-yi] The opposition party has begun preparing measures to expand support for the renewable energy industry. To this end, they are also considering a plan to require parliamentary approval for the Basic Electricity Supply and Demand Plan prepared by the government. Additionally, since the government cut the budget for low-carbon transition in next year's energy budget, the opposition intends to push for an increase in related project budgets during this regular session of the National Assembly. The ruling party, the People Power Party, agrees with the broad direction of 'expanding renewable energy' but is negative about increasing the budget, citing the need to control the pace. A power struggle between the ruling and opposition parties over energy policy and budget is expected to become visible.

According to the Democratic Party on the 23rd, the party's Policy Committee recently began reviewing measures to expand support for the renewable energy industry. This is because, in addition to the necessity of responding to the climate crisis, many domestic companies such as Samsung Electronics and LG Electronics have recently expressed their intention to join RE100 (Renewable Energy 100%), making the expansion of renewable energy power aimed at carbon neutrality a growing trend.

Kim Seong-hwan, chairman of the Democratic Party's Policy Committee, said in a phone interview with this paper, "We will review how to change the energy mix structure included in the 10th Basic Electricity Supply and Demand Plan," adding, "We are considering various methods, including requiring parliamentary approval for the Basic Electricity Supply and Demand Plan." He continued, "The cut in the renewable energy budget needs to be restored, but this is an issue where the ruling and opposition parties will have to compete in the Budget and Accounts Committee."

Earlier, the Democratic Party held a Livelihood Economy Crisis Countermeasures Committee meeting and discussed RE100 response measures with representatives from the business sector. Voices urging the expansion of renewable energy supply and policy support were raised at the meeting. This reflects the position of the renewable energy industry. The related industry has recently reported that the entire industrial sector is shrinking. A renewable energy specialized investment manager said, "Following the rise in interest rates, the government is focusing on a kind of 'solar power suppression,' so the entire renewable energy industry, including solar and wind power, is shrinking," adding, "Support for small and micro operators is especially needed."

Kim Tae-nyeon, chairman of the party's Economic Crisis Countermeasures Committee, said in a phone interview, "Since Samsung Electronics joined RE100, more companies, including suppliers, will join, making it a trend," adding, "Companies have no choice but to move toward carbon neutrality to adapt to the new global market, so it is important to ensure sufficient power supply." He further argued, "If renewable energy is not secured, there is a risk of deindustrialization, so this should be discussed as a major economic issue."

Park Il-jun, the 2nd Vice Minister of the Ministry of Trade, Industry and Energy, is delivering opening remarks at the 'Major Industry Meeting on Energy Supply and Demand' held on the 23rd at the Korea Electric Power Corporation Namseoul Headquarters in Yeouido, Seoul. Photo by Kang Jin-hyung aymsdream@

The Democratic Party is particularly advocating for an increase in the reduced renewable energy-related budget during this regular session of the National Assembly. The Ministry of Trade, Industry and Energy cut the low-carbon transition portion of next year's energy-related budget by 25.2%, from 1.8986 trillion won this year to 1.4207 trillion won, and the renewable energy supply support budget was reduced by about 33%, from 970 billion won to 650 billion won. On the other hand, the nuclear power budget increased by 18.6%, from 483.9 billion won to 573.8 billion won.

The ruling party is taking the position that pace control is necessary. However, they added that they do not oppose the expansion of renewable energy itself. Hong Seok-jun, a People Power Party lawmaker who criticized the Moon Jae-in administration's renewable energy industry during the government questioning session, said in a phone interview, "Although the budget increased under the Moon administration, the industry shrank due to corruption related to solar power," adding, "Considering these problems, it is more reasonable to utilize the existing budget rather than immediately expanding it."

A People Power Party official from the Industry and Trade Committee also explained, "Expanding renewable energy is naturally the way to go to achieve carbon neutrality, such as RE100 or Net Zero," adding, "The share of renewable energy supply has already risen to 7.3%. Since it has increased rapidly, some pace control is necessary."

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