<article><p class="lead">Danish renewable energy company Orsted has announced plans to install up to 1.6GW of offshore wind capacity in South Korea. </p><p>The proposed wind farms offshore Incheon could supply energy to 1.4mn homes and cut carbon emissions by 4mn t/yr, the company said. </p><p>Orsted began surveying potential sites earlier this year. It said the wind farms could be commissioned from 2026, but this will depend on securing permits and an off-take agreement with a South Korean utility company. Orsted has not disclosed how much it expects the projects to cost. </p><p>"With strong industrial capabilities, significant supply chain potential, and numerous sites with promising offshore wind conditions, South Korea has a fantastic starting point for becoming a leading offshore wind market," chief executive officer of Orsted Offshore Martin Neubert said. </p><p>The projects would contribute to South Korea's Green New Deal, which involves a pledged 73.4 trillion won ($60.9bn) of spending on energy initiatives over five years, and President Moon Jae-In's recently announced target of achieving net-zero emissions by 2050.</p><p>In 2019, oil made up 43pc of South Korea's energy consumption, coal accounted for 28pc, gas 16pc and 10pc came from nuclear, data from BP's Statistical Review of World Energy show. South Korea is aiming to have renewables account for up to 35pc of the energy mix by 2040, up from 3pc in 2019. </p><p>The South Korean projects will add to Orsted's global wind portfolio, which by 2022 will include offshore projects in the US, Taiwan and Europe with a total capacity of 9.9GW. Orsted produced 12TWh from its offshore wind farms last year.</p><p class="bylines">By Sian Morris </p></article>
