Risk analysis and management of K-water overseas programs

Abstract

In response to the escalating threat of climate change, nations worldwide are increasingly adopting proactive measures to mitigate its impact. Central to these efforts is the establishment of ambitious targets for reducing carbon emissions by 2050. This commitment has been reinforced by significant international agreements such as the Paris Agreement and the UN Climate Summit, which have galvanized global action on climate change. To meet these targets and adapt to evolving energy trends, there is a concerted push towards advancing renewable energy industries, notably solar, wind, and hydrogen. As a result, the eco-friendly energy market is witnessing substantial growth and recognition on the global stage. However, despite the promise of renewable energy, the sector faces challenges stemming from its relative novelty and lack of a robust track record. This immaturity introduces unforeseen risks and complicates issues related to supply chain integrity and operational safety. This paper focuses on the current landscape of overseas renewable energy projects, with a particular emphasis on those undertaken by K-water. By analyzing business risk factors associated with floating photovoltaic energy projects, the study aims to categorize risks into Technical, Economic, Social, and Environmental sectors and develop management strategies to mitigate them. Risk reduction strategies were presented based on literature review and project case studies. Methodologically, the Numerical Scale for likelihood. is used to assess the likelihood of a risk event occurring.