Re－prioritizing Policy Options for Achieving SDG Goals 7 in Korea

Abstract

This paper attempts to review and reposition policy instruments in achieving SDG Goal 7 in Korea. It is necessary to flexibly re-prioritize current policies in response to new circumstances. As in detailed indicators of SDG Goal 7, the expansion of renewable energies and the energy efficiency improvement policies have been steadily strengthened in Korea, and the recent achievements of green growth and climate change are significant. This study analyzes the current state of energy-related sustainable development policies in Korea and suggests policy implications to improve the SDG Goal 7 targets. Incentive structures should be expanded in regulatory and monitoring frameworks, including subsidy and financial support. In addition, financial support should be extended to SMEs whose potential is not sufficiently managed due to institutional difficulties. The cooperation between large and small enterprises in the energy and greenhouse gas management is difficult to achieve due to the subcontracting structure and asymmetric bargaining structure in Korea. To improve this, it is required to enhance the system in which financial support for SMEs is strengthened. To improve energy efficiency and expand renewable energy, policy makers must maintain consistency in setting regulatory targets considering long-term goals.