A Case study on development strategies for the renewable energy industry in Korea

Abstract

Due to the increased energy use, depletion of fossil fuels and other issues such as climate change and greenhouse gas emissions, the world has focused on the development of renewable energy technology and the renewable energy industry as a solution to obtaining substantial energy resources. In this sense, there is a growing momentum towards formulating clusters as a fundamental method for the sustainable development of the renewable energy industry. When compared to other successful cases abroad, South Korea is still struggling for development of renewable energy because of various reasons such as lack of technology, domestic manufacturers, policy as well as the generally low social acceptance when renewable energy becomes in its construction step for power generation. Therefore, this paper focuses on how other well-established countries such as Germany and Denmark have implemented appropriate approach to foster renewable energy by using cluster in consideration of local community. To do this, this paper firstly analyzes and describes what barriers and weaknesses South Korea has by showing three domestic cases. Based upon this result, the study finalizes important elements South Korea should consider when it wants to creates cluster model with local community.