South Korea to Review Budget Support for Renewable Manufacturers After Sharp Market Share Drop

Budget Minister Park Hong-keun emphasized greater budgetary support for local renewable energy companies during a meeting with industry representatives on May 8, 2026. , in Jincheon, 85 kilometers south of Seoul. "The government will spare no effort in supporting domestic manufacturers in securing global competitiveness," Park said at the site.

Yonhap reported that the remark signals Seoul's intention to bolster the sector after years of decline. Park noted that the domestic market share of locally made solar cells had fallen from around 50 percent to the 4 percent range over the course of the previous administration.

The drop came as industry officials pressed for stronger government assistance to regain footing in international markets.

In response, Park stated that the government will comprehensively review the various concerns and suggestions raised at the meeting with relevant ministries. Those inputs, he added, will be reflected in next year's budget planning process. The minister also announced that the government will ensure the smooth execution within the year of energy transition projects worth about 600 billion won, or US$408 million, that were included in the supplementary budget.

The commitment aims to accelerate ongoing initiatives while longer-term budgetary measures are prepared. A photograph of Park Hong-keun speaking at the meeting was taken on May 8, 2026, at the Hanwha Qcells factory in Jincheon. The image was provided by Park Hong-keun's office.

The article was written by Kim Han-joo and published by Yonhap on May 8, 2026.