Korea's Offshore Wind Collaboration Plan

The Korean government's support for the development of offshore wind power in Korea has reached a crescendo. While interest in the nascent domestic offshore sector has been growing gradually for years, the ruling Democratic Party of Korea (the "Democratic Party") upped the ante when it included a campaign pledge to implement a Green New Deal for Korea (the "Green New Deal") as a key element of its party platform in Korea's April 2020 National Assembly elections. Following the Democratic Party's strong showing in these elections,¹ the Blue House seized upon the Green New Deal as a means of catalyzing jobs creation, recovering from COVID-19-related economic sluggishness and revitalizing Korea's industrial base and export industries while simultaneously achieving carbon neutrality and improving Korea's energy security.