South Korea has unveiled a new plan to increase its presence in next-generation solar technology by 2030, marking the third phase of its ‘Super-Innovation Economy’ strategy.
Announced by the Ministry of Economy and Finance on 26 November, the initiative prioritises securing core technologies for ultra-high-efficiency tandem solar cells, committing a significant package of financial and policy support.
The project is driven by the goal to “strengthen future strategies to respond to the climate crisis and technology hegemony,” according to the press release*.
The government aims for world-first commercialisation within the next five years, specifically targeting tandem solar technology – which stacks multiple layers of materials like perovskite and silicon to capture a broader spectrum of light.
To facilitate this, the government has set efficiency benchmarks: aiming for a cell efficiency of 35% and a module efficiency of 28% by 2030, representing what it calls the “world’s highest efficiency levels.”
The plan is backed by a substantial budget, with ₩33.6bn allocated for technology development next year to support the commercialisation of these ultra-high-efficiency cells.
Furthermore, the government will support the project with a “package of fiscal, tax, finance, and regulation measures,” stating its intention to support tangible results within the timeframe.
This includes establishing new domestic and international standard certification systems to ensure the creation of an initial market for the technology.
The solar initiative is one of six key tasks announced in the latest phase, alongside developing a next-generation power grid, deploying super-large offshore wind power, commercialising HVDC, boosting green hydrogen production, and accelerating the development of Korean Small Modular Reactors (SMRs).
* Quotes have been translated from Korean into English.
