Korea Energy Master Plan: Outlook and Policies to 2035 (Second Energy Master Plan)
Launched in 2014, the Second Energy Master Plan is an overarching plan that covers all energy sectors and coordinates energy-related plans from a macro perspective.
The Plan lays out six strategic targets to be addressed:
- Trends and prospects of domestic and overseas demand and supply of energy;
- Measures for stable imports, supply, and management of energy;
- Targets for demand and energy mix and the improvement of efficiency in the use of energy;
- Supply and use of energy with good sustainability performance;
- Measures for the safety and control of energy;
- Technological development in the energy industry.
Regarding critical minerals, the plan highlighted the role of critical raw materials in its main industries, acknowledging the importance of securing reliable, sustainable, and undistorted access to rare metals. The plan aims to increase the stockpile of rare metals essential for domestic industrial production, including lithium, nickel, cobalt, chrome and molybdenum, so as to strengthen its emergency response capability.
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