The International Energy Agency forecasts that the share of renewable energy in the OECD member economies will increase from 8.2% in 2016 to 17.0% in 2040. Meanwhile, the share of coal in OECD countries dropped by 5.1% points from 16.9% to 11.8%, while the share of nuclear energy decreased by 0.6% points from 9.7% to 9.1%. "The renewable energy market such as China and India is growing at a faster pace than originally expected," said experts. "South Korea is actively pursuing new renewable energy markets in China and India using ICT technology and smart grid know-how.

The International Energy Agency (IEA) said in a report released by the Korea Institute of Energy Economics (KECI), "The global energy demand forecasts and changes in energy supply and demand," the International Energy Agency the size of the world by 2040 will vary.

The IEA predicted that the 2017 global energy demand will reduce the primary energy demand of the OECD countries by 0.2 per cent during the period 2016-2040 and accelerate the replacement of fossil energy with renewable energy. The share of primary energy in fossil energy is expected to decline from 79.8% in 2016 to 71.0% in 2040. In 2040, the share of renewable energy among all primary energy sources is projected to soar to 17.0%, including bio 9.1% and other renewable energy 7.9%, thanks to the OECD major countries` policy of spreading renewable energy.

Also, t he IEA estimates that worldwide primary energy demand will increase by 1.0% per annum during the period 2016-2040, and will increase to 17,584Mtoe (1 million tonnes in oil equivalent) by 2040. Besides, the proportion of renewable energy primary energy will rise from 1.6% in 2016 to 6.4% in 2040 as a result of promoting the spread of clean energy around the world. During this period, coal and petroleum contribution in the demand structure will decrease by 5 percentage points and 4.4% points, respectively, while contribution of gas and renewable energy will increase greatly. Nuclear power demand did not change much by an average annual increase of 1.6%.

The IEA predicted that China would surpass the US in 2030 and become the world`s No. 1 oil consumer. However, China has set a policy for energy conversion in order to solve the current air pollution problem, and it has become the world`s No.1 renewable energy investing country last year. Last year, China accounted for 40% of the world`s new renewable energy capacity. India is also expected to record an explosive growth rate of 13.2% per annum for other renewable energy demand. Dr. Lee Jong-eon, author of “Energy Big Bang" (Pre-Economy Books), pointed out, "Korea should increase the proportion of new and renewable energy through the conversion of ideas such as" electricity farming "using idle farmland ."

A senior government representative pointed out, "The 3020 plan for renewable energy should dramatically increase the level of solar, wind and biotechnology, and then actively pursue the growing Indian and Chinese markets."

However, the Korea Energy Economics Institute quoted IEA data as saying, "In most countries, regulation of power generation sector is being implemented, and there is little pure market-based investment based on competitive prices in the wholesale market.%, It will face (ESS). "It is also important to understand that it is important to balance the supply and demand of the power system.

By Ye Jin Soo jinye@


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