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KDI presents policyalternatives that open upthe future.
KDI provides various research topics.
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Introducing the all-new KDI newsletter
Major Developments in KDI''s History
Research Excellence,Policy Insight
The 15th issue of the KDI What''s Up newsletter is now available!
The 2024 Asia-Pacific PPP Practitioners'' Network (APN) was held in Seoul, Korea, at Nine Tree ROKAUS Seoul Yongsan, from October 22 to October 23.
The inaugural 2024 KED took place successfully from October 31 (Thu) to November 1 (Fri), hosted by the MOEF and organized by KDI and GKEDC.
KDI and the Brookings Institution held an event in Washington, DC to commemorate the release of their third joint research report.
In August, industrial production, services production and retail sales increased, while facilities investment and construction investment decreased.
Celebrating the 20th anniversary of Knowledge Sharing Program (KSP), "2024 KSP Dissemination Conference: 20th Anniversary of Knowledge Sharing Program(KSP)" was held on Friday, September 6, 2024.
Korea Development Institute (KDI) and The Ministry of Economy and Finance hosted the "2024 Global Economy & Financial Stability Conference" on September 3rd and 4th at the Plaza Hotel in Seoul.
South Korea''s strategies for deploying battery electric vehicles (BEVs) primarily include providing purchase subsidies and expanding charging infrastructure.
Achieving the target of ‘deploying 4.5 million BEVs and FCEVs by 2030s’ requires a substantial increase in the number of these vehicles, necessitating a comprehensive review of effective policy strategies.
While Korea has witnessed a consistent increase in the cumulative number of BEVs (and PHEVs), it still lags behind the global average.Recent data indicates a deceleration in the growth rate of new BEV registrations.
Korea’s government policy support to promote the adoption of BEVs and FCEVs primarily comprises purchase subsidies and charging infrastructure installation. Fiscal spending for these measures has increased dramatically, with the related budget accounting for 25.3% of the Ministry of Environment’s total budget in 2023.
Analysis reveals that a 10% increase in the cumulative number of chargers correlates with a 12.4% rise in new registrations, while a 10% price reduction due to subsidies results in a 15.8% increase in new registrations.
Also, private vehicles exhibit lower elasticity in response to changes in the number of chargers and in price compared to their government and business counterparts.
Subsidy-induced adoption accounted for about 27.4% of the 240,000 BEVs eligible for purchase subsidies in 2019~22.
Analysis suggests that promoting BEV adoption through the expansion of charging infrastructure would be more cost-effective than offering purchase subsidies. Additionally, the direct social benefits derived from BEV subsidies generally fail to outweigh their costs, indicating current subsidy levels may be excessive.
Future BEV deployment policies should prioritize reinforcing charging infrastructure over providing purchase subsidies. In particular, deploying enough fastchargers at key travel hubs is essential to improve convenience and facilitate long-distance travel.
If you want to know more in detail?
World''s Leading Think Tank, Korea Development Institute
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