Africa's Blue Economy: A Policy Handbook

Part II - A step-by-step guide

Case study 14

Ocean energy policy of the Republic of Korea South Korea’s Sihwa Lake Tidal Power Station generates power from Lake Sihwa, with a generating capacity of 254 megawatts, making it the world’s largest tidal energy generation plant. 43 The project, commissioned in 2011, is based on a seawall infrastructure originally put in place to deal with floodmitigation and agriculture. The implementation of this new energy technology on the sea was facilitated by: 1. National strategy on green growth prioritizing high-potential sectors. 2. Change in the energy policy that introduced Renewable Portfolio Standards in 2010, whereby 2 percent of energy by 2012 was expected from renewables, increasing to 8 percent by 2020 and 10 percent by 2022. 44 This policy, along with existing flood protection and agricultural infrastructure on the lake, enabled pursuit of tidal energy from the sea. A private-public partnership in investment in project implementation was also key. Lessons The lessons from the South Korea approach to ocean energy development include: (1) a national policy setting the tone for green or Blue growth matters in guiding action in ocean energy development; (2) the importance of revising energy policies and integrating progressive policies to incentivize ocean energy development; (3) leveraging existing infrastructure, synergies, and opportunities for ocean energy development through an integrated approach; and (4) the facilitating role of private- public collaboration in financing ocean energy development. 43 http://pemsea.org/eascongress/international-conference/presentation_t4-1_kim.pdf (accessed 27 November 2015) 44 http://www.business.kaist.edu/download/green/Project_RPS.pdf (accessed 27 November 2015)

Step 5: Designing the Blue Economy policy Policy, regulatory, and reform issues

The development of the Blue Economy policy and its subsequent implementation requires a framework for implementation and regulation. The body of information arising from the explosion of soft regulation could serve as a source base for the development of new laws or the reform of existing laws. In cases where the prevailing institutional frameworks may not be conducive to the successful development of the Blue Economy, reformmay also be required. The policy formulation process should include consultation in order to outline

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Africa's Blue Economy: A policy handbook