An Offshore Energy Innovation Strategy to Implement the Korean Green New Deal

Korea’s Green New Deal and plans for developing offshore wind power have brought greater attention to offshore wind power. To overcome Korea’s limitations in terms of land area and natural resources, the country’s position as a peninsula must be fully utilized. Toward this end, it is necessary to consider strategic investment in marine renewable energy such as offshore wind, wave and tidal power. Having previously exited the wind power market, the shipbuilding industry is now returning as signs show that the commercialization of floating offshore wind power is on the horizon in Korea. As with wind power, floating offshore wind took decades to be commercialized. This work consists of a number of case studies of failed wind power and offshore plant projects. It analyzes the variables that influenced the failure of these projects and describes the implications for policy carried by the findings.