1 million EVs planned by 2030

The government aims to increase the number of electric vehicles (EVs) in Korea to one million by 2030 as part of its plan to expand the new energy market and cut greenhouse gas emissions, the Ministry of Trade, Industry and Energy announced on Monday.

The government also expects the total value of the new energy market to reach 100 trillion won ($86 billion) and attract 19 trillion won in investments over the next five years. The market would help create 500,000 new jobs and cut 55 million tons of carbon emissions, the Energy Ministry projected.

The goals were included in the ministry’s long-term energy plan, announced at a debate on climate change and energy industries held at the Sejong Convention Center on Monday.

The plan presented several key factors that will influence the future energy market, including EVs, energy prosumers and low-carbon power generation, and introduced the government’s response measures.

The most prominent measure is to achieve one million electric vehicles by 2030. The Energy Ministry said that it aims to see “pure electric vehicles” that run on batteries only driving in the streets.

Globally, a total of $12.3 trillion will be invested to develop renewable energy and increase its efficiency by 2030, according to an estimate by the International Energy Agency.

Not only Korea, but also its major allies such the United States, the European Union and Australia have pledged to cut carbon emissions and widely promote electric vehicles. The United States plans to increase the proportion of renewable energy to 28 percent by 2030, and distribute one million cars running on electricity. The EU nations will have as many as 4.7 million electric vehicles by 2020.

Korea has pledged to the international community to cut 37 percent of the 850 million tons of greenhouse gas estimated to be emitted by 2030.

By 2020, the Korean government will increase the number of EV charging centers across the country to 1,400, while more than doubling the maximum distance a vehicle can drive per charge.

About 33,000 city buses will also be replaced with electric vehicles.

Jeju will be the main testing bed where the government will promote the electric vehicles. The Jeju government plans to turn all 370,000 vehicles on the island into electric vehicles by the target year.

Another topic gaining a lot of attention these days is the so-called energy prosumer market. A prosumer refers to someone who both consumes and produces at the same time.

More than 10 universities and 100 business entities will be able to run microgrids that are able to produce renewable energy on their own.

The government will rent out solar energy production systems to a total of 400,000 households by 2030, enabling individuals to produce their own power at home.

From 2025, new buildings should minimize the use of coal-powered energy, following the government’s “zero energy building” initiative. The initiative will be implemented at public apartments in trials.

“The new energy industry will be able to create some 500,000 new jobs by the target year and help reduce the country’s greenhouse gas emissions by 55 million tons,” said Chung Yang-ho, deputy minister in charge of energy and resources at the ministry.

The government is also planning to expand the market for electricity storage systems to 10 gigawatt-hours, which is equivalent to 5 trillion won.

The government has allocated 1.2 trillion won to carry out some parts of the plan beginning next year.

The ministry also expects about 19 trillion won in private investment.

BY SONG SU-HYUN [song.suhyun@joongang.co.kr]