Governor Kim Youngrok Vows to Usher in the 1 Trillion Won Era of "Energy Basic Income"

Stresses the Need for a Special Act on the Energy Basic Income Fund
Highlights the Importance of Authority for Smooth Implementation of Renewable Energy Projects

Jeonnam Governor Kim Youngrok attended an economic forum titled "Finding the Path for South Korea's Economy from the Regions" on the 15th at the Crystal Ballroom of Lotte Hotel Seoul. Provided by Jeonnam Province

On September 15, Jeonnam Province unveiled its ambitious plan to usher in the nation's first "1 Trillion Won Era of Energy Basic Income" through renewable energy.

Kim Youngrok, Governor of Jeonnam Province, attended an economic forum titled "Finding the Path for South Korea's Economy from the Regions" at the Crystal Ballroom of Lotte Hotel Seoul on the same day. He announced that the province would actively pursue the "energy basic income system," which involves creating an energy basic income fund from renewable energy generation profits and distributing the benefits evenly to residents.

Governor Kim emphasized, "Jeonnam will take the lead in building a basic income society by promoting renewable energy development projects under public leadership, distributing generation profits to residents as energy basic income, revitalizing the local economy, and ensuring a minimum standard of living for all citizens."

He further highlighted the need for legislative efforts, noting the lack of legal grounds for sharing generation profits to realize energy basic income, and proposed enacting a "Special Act on the Energy Basic Income Fund."

He also pointed out that the massive initial investment required for public-led renewable energy development remains a significant obstacle. Under the current system, local public enterprises face restrictions due to insufficient capital and investment limits, which hinders their active participation. He suggested both institutional improvements and the introduction of a national policy fund for renewable energy.

As a practical solution, he explained, "Just as the Bank of Korea and others provide low-interest loans to small and medium-sized enterprises, the government could establish a separate fund of 30 trillion won to offer policy loans at a 3% interest rate to local public enterprises implementing public-led renewable energy projects."

He also noted that Jeonnam has led offshore wind and solar power projects over the past seven years, and addressed skepticism about the feasibility of these initiatives by stating, "Jeonnam has already proven what is possible through its achievements."

Regarding the frequent delays in implementing renewable energy projects such as offshore wind power due to institutional issues, he stressed that, for smoother progress, the central government must boldly delegate authority to regional governments.

Currently, regional governments lack the authority to even approve a single wind turbine and do not hold the right to permit farmland conversion, limiting the establishment of large-scale solar power complexes. Even for agrivoltaic solar projects on farmland, temporary land use permits are limited to eight years, making it difficult to pursue solar projects that require over 20 years of operation to be viable.

As a solution, Governor Kim argued for the enactment of the "Special Act on Jeonnam Energy and Marine Specialized City" to secure customized special exemptions. Through this special act, the province aims to institutionalize the authority to approve renewable energy generation projects, designate agrivoltaic solar cluster complexes, grant special exemptions for local public enterprises in renewable energy projects, and establish a system for sharing renewable energy profits, thereby supporting the realization of a basic income society through renewable energy.

Governor Kim highlighted the province's ongoing efforts, stating, "I am confident that the energy innovation model led by President Lee Jaemyung's administration will begin in Jeonnam, the land that has been prepared." He added, "By centering on renewable energy and implementing energy basic income, we will open a sustainable future for both the region and South Korea."