1. Research Goal and Methods

❚ Research background and goal

￮ Climate tech, a term derived from the words climate and technology, refers to a broad category of technologies that can help reduce greenhouse gas emissions and effectively navigate the climate crisis. Amid rising global interest in and demand for climate tech, the Korean government unveiled its Policy Regarding the Climate Tech Industry of Korea in March 2023.

￮ This study, thus, aimed to formulate strategic roadmaps and action plans that will empower Jeonbuk State with the ability to stay ahead in the climate tech game through in-depth analyses of recent policy trends and market developments, policy project proposals, and a review of key technologies.

❚ Research scope and methods

￮ We delved deep into this research topic to 1) deliver analytical findings and their implications through an extensive literature review of recent climate tech-related trends at home and abroad and 2) present the evolution of such technologies and related innovations as well as success stories by examining climate tech companies representative of each of the five core technological sectors.

￮ We surveyed startups to explore the current status of climate tech companies and policy demands in Jeonbuk State (60 valid responses were secured through online and offline channels for 21 items in four categories).

￮ We also conducted a SWOT analysis to measure Jeonbuk’s readiness to promote the climate tech industry and created strategic roadmaps to formulating relevant policies. 

￮ Based on our analysis and roadmaps, we presented Jeonbuk’s vision, mission, strategies, and detailed action plans to facilitate the promotion of the region’s climate tech industry. 

￮ Finally, we leveraged expert consultations to review the proposed technologies that Jeonbuk State must prioritize to boost the five core technological sectors and develop sector-specific master plans for industry promotion.

2. Conclusions and Policy Recommendations

❚ SWOT Analysis Results

￮ Technologically advanced countries are scaling up climate tech investments to reinforce their competitive edge through multifaceted strategies such as aligning energy system transformation pathways with global circumstances, strengthening trade regulations, and cultivating or attracting top talent. In light of this, many local governments in Korea play an independent and crucial role in achieving carbon neutrality, and they have identified the promotion of the climate tech industry as a policy priority.

￮ Regarding this promotion, surveyed climate tech startups in Jeonbuk State gave R&D support projects the highest priority, followed by financial assistance.

￮ According to the SWOT analysis, Jeonbuk State is required to designate the climate tech industry as a future growth engine and synergistically incorporate it into realizing its vision of representing a Global Life Economy City. In addition, it is vital for Jeonbuk to foster innovative companies and deliver success stories by establishing a comprehensive control tower, staying ahead of the game in promising emerging technologies, creating an industrial ecosystem centered on demonstration complexes, and providing customized R&D support tailored to the technology life cycle.

❚  Vision and Strategic Roadmaps

￮ We set Jeonbuk State’s vision for fostering the climate tech industry as “promoting the climate tech industry and achieving a life economy through carbon neutrality” and presented the goal of “delivering technological innovation for global carbon neutrality and leading the promotion of the climate tech industry” to realize the vision.

￮ We devised the following three key strategies to achieve this goal: 1) creating a demonstration-centered climate tech industrial ecosystem (technology) 2) establishing customized infrastructure tailored to each core technology (foundation), and 3) strengthening support for attracting climate tech companies and cultivating startups (companies).

￮ In the climate tech industry, it is imperative to stay ahead of the curve in technological innovation; thus, Jeonbuk State is advised to focus on securing climate technologies at the introduction (innovation) stage of the technology life cycle involving startups while also creating detailed item-specific industrial roadmaps and pursuing region-specific policies during the growth and maturity stages.

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