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South Korea unveils $747 billion green transformation plan through 2035
South Korea has unveiled the Korea Green Transformation (K-GX) strategy, a massive plan to invest 1,000 trillion won (approximately $747 billion) by 2035 to drive energy transition and industrial decarbonization. The funding includes 200 trillion won in fiscal spending and over 790 trillion won in policy finance, with an additional 220 trillion won in planned private-sector investment.
Key objectives include reaching 100GW of renewable energy capacity by 2030 and ensuring that electric and hydrogen vehicles account for more than 70% of new vehicle sales by 2035. The strategy targets high-emission sectors such as steel, petrochemicals, cement, semiconductors, and oil refining to transition toward low-carbon production processes.
As part of this initiative, POSCO Group announced its participation in the K-GX signature projects, focusing on building a decarbonized industrial ecosystem. POSCO plans to develop hydrogen-reduced steel technology (HyREX) and aims to establish a demonstration facility in Pohang with an annual capacity of 300,000 tons by 2028. The government has set a 2035 greenhouse gas reduction target of 53-61% relative to 2018 levels, with a long-term goal of carbon neutrality by 2050.
Entities
Ember · Global Energy Monitor · Lee Jae Myung · POSCO Group · Pohang · South Korea · South Korean government
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 2 SOURCES] Existing solar and wind capacity could save South Korea $4.7 billion in fossil fuel import costs in 2026. www.tokenpost.kr · www.europesays.com
- [● 2 SOURCES] The funding includes 200 trillion won in fiscal spending and over 790 trillion won in policy finance. www.tokenpost.kr · www.businesstimes.com.sg
- [● 3 SOURCES] Electric and hydrogen vehicles are targeted to account for over 70% of new vehicle sales by 2035. www.tokenpost.kr · www.europesays.com · www.businesstimes.com.sg
- [○ 1 SOURCE] POSCO Group plans to build a 300,000-ton annual capacity HyREX demonstration facility by 2028. www.techholic.co.kr
- [● 3 SOURCES] The government aims to reach 100GW of renewable energy capacity by 2030. www.tokenpost.kr · www.europesays.com · www.businesstimes.com.sg
- [● 3 SOURCES] The government will provide 1,000 trillion won for the K-GX strategy by 2035. www.tokenpost.kr · www.europesays.com · www.businesstimes.com.sg
- [○ 1 SOURCE] The 2035 greenhouse gas reduction target is 53-61% compared to 2018 levels. www.tokenpost.kr
- [○ 1 SOURCE] The target for achieving carbon neutrality is 2050. www.tokenpost.kr