The number of electric vehicles in South Korea will grow 10 times by 2025

The number of electric vehicles in South Korea will grow 10 times by 2025

September 15, 2020 0 By autotimesnews

During the International Clean Air Day event, South Korean President Moon Jae-in announced the following environmental goals for the country for the next few years.

According to Electrek, the government will stimulate the growth of the electric vehicle market from the current 110,000 to 1.13 million and will increase the number of hydrogen cars to 200,000 within five years, and by 2034 it will close 30 coal-fired power plants to reduce a significant portion of carbon emissions.

South Korea’s first step is to create the conditions for a shift from petrol cars to hydrogen and electric cars. Hydrogen transport is still not popular enough in the country and, despite the ambitious projects of Hyundai Motors, today only 7,682 hydrogen-powered vehicles move on public roads. The situation with electric vehicles is better – there are already 111 thousand of them and, according to the government’s plan, this number will increase more than 10 times by the end of 2025. Over the next five years, the state plans to create a full-fledged infrastructure for electric vehicles – 45 thousand fast charging stations will be built, which will create 151 thousand jobs.
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1.13 million electric vehicles in 5 years is 4.7% of the total number of registered vehicles in the country as of June 2020 (24.023 million units).

The full implementation of South Korea’s Green New Deal will create a total of 660,000 new jobs and require up to $ 61 billion in investment by 2025, of which $ 17 billion will be spent on electrification of both private and public transport.

In terms of electricity, South Korea will close 10 coal-fired power plants by the end of 2022 and 20 more by 2034. At the same time, the government expects to avoid an energy crisis by replacing the outgoing power generation with renewable energy sources. Private sector companies, with financial support from Zhe Ying’s administration, will triple the number of green sources, including solar and wind farms, by 2025.

The president also later added that South Korea will develop a detailed roadmap by the end of the year to achieve full carbon neutrality within 30 years.