We have expanded the list of climate policies we assess company engagement with to incorporate land-use related policy, referring to legislative or regulatory measures to enhance and protect ecosystems and land where carbon is being stored. Assessments under this category are currently underweighted in terms of their contribution to the overall company metrics. This weighting will be progressively increased over the next 6 months.
We adjusted the terminology used to describe the queries running down the left-hand side of our scoring matrix and added additional explanatory text to the info-boxes. This has no impact on the scores and methodology. It has been done following user feedback to improve clarity.
Climate Policy Engagement Overview: The Korea New and Renewable Energy Association (KNREA) appears to have highly positive engagement with renewable energy policy in South Korea, but very limited engagement with other climate policies. The association has strongly supported policy to expand the use of renewable energy in South Korea, such as the Korea Renewable Energy 3020 Plan and the Renewable Portfolio Standard (RPS).
Top-line Messaging on Climate Policy: InfluenceMap found limited evidence of clear top-line messaging on climate policy by KNREA. In a chairman message on the KNREA website, the Chairman of the association, Lee Koo-young, stated support for government regulation on climate change. As reported by Today Energy in January 2022, KNREA supported the South Korean government’s 2050 Carbon Neutrality Scenario.
Engagement with Climate-Related Regulations: KNREA appears to strongly support renewable energy policy in South Korea, but it has limited engagement with other climate policies. In the KNREA website, last accessed August 2022, the association strongly supported government intervention for renewable energy legislation, suggesting policy recommendations to the South Korean government. As reported by Today Energy in January 2022, the association supported the upward revision of the Korea Renewable Energy 3020 Plan and the Renewable Portfolio Standard (RPS). In a May 2022 editorial called ‘Expectations for the new government’, the Vice President of the KNREA Moon Chul-hwan strongly supported the continued 2030 GHG emissions reduction target of South Korea.
Positioning on Energy Transition: KNREA has limited but positive engagement with the energy mix transition. In a chairman message on the KNREA website, the Chairman of the association, Lee Koo-young, supported the energy mix transition from fossil fuels towards renewable energy. As reported by Today Energy in January 2022, KNREA communicated support for government measures for renewable energy transition, such as expanding R&D in renewable energy facility, alleviating renewable energy-related regulations, building renewable energy-centered electricity power infrastructure, and restructuring the electricity power market.