South Korea's USD 64bn offshore plans risk being sunk by bureaucracy
Fear of impact on fisheries and other concerns are getting in the way of the development of a South Korean offshore wind project.
by MarketWire
South Korea’s plans to have 14.3 GW, of offshore wind capacity installed by 2030 are in jeopardy as development plans are threatened by bureaucracy and local fears about the impact on fisheries, according to Recharge News.
The Global Wind Energy Council (GWEC) warns that planned investments totaling potentially USD 64bn, which would create 770,000 jobs in the country, may not be realized. So far, only 150 megawatts, MW, have been installed.
The biggest challenge is a regulatory process that takes up to ten years before all approvals and permits are in place, so the government is being urged to speed up the process.
English edit: Catherine Brett
.jpg&w=384&q=75){kind=logo}
