Company: BEP
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001533232-25-000006
Chunk: 273

Company: Brookfield Renewable Partners L.P.
Filing Date: 2025-02-28
Form: 20-F
Item: Item 4
Chunk 273
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% in 2023-24). In 2022 the country revised its 2030 emissions reduction target, increasing it to 43% below 2005 levels by 2030, and re-affirmed its 2050

net zero target. To help reach these targets the Australian government is working to implement policies including a A$20 billion investment in the grid to unlock greater penetration of renewable energy, a government revenue underwriting scheme for up to 32 GW of renewable energy and firming capacity and up to a A$3 billion investment to support renewables manufacturing, funding to support the development of the workforce among other commitments to help the country reduce emissions.

South Korea

South Korea is a market with substantial potential for renewable power development with one of the lowest renewables penetration rates. While South Korea’s electricity consumption per capita is one of the highest globally due to its manufacturing industry concentrated economy, renewable energy sources account for less than 6% of its energy mix and fossil fuels account for more than 50%. As Korean manufacturers serve the global economy, they are under strong pressure to use green electricity and such market dynamics strongly support favourable contractual frameworks and commercial terms for renewable energy developers. In line with market needs, the South Korean government is aiming to reduce 40% of carbon emissions by 2030 and achieve carbon neutrality by 2050.

Other Markets

Together with our institutional partners we also own operating assets in Chile. Our interests in X-Elio and Neoen have given us access to a number of new markets. X-Elio's diversified portfolio includes operating and development assets in Mexico, Australia, Italy and Japan, as well as in jurisdictions where we already have an established presence, such as the United States, Spain, Chile, Brazil and Colombia. See “ Item 4. B - Business Overview - European Business - X-Elio” above. Additionally, Neoen’s portfolio includes operating and development assets in France, Finland, Sweden, Ireland, Australia, Mexico, El Salvador, Argentina, Jamaica, Zambia, Mozambique, Croatia, Ecuador and Guatemala, as well as in jurisdictions where Brookfield Renewable has existing investments, like Portugal, Italy, Germany and Canada. See “ Item 4. B - Business Overview - European Business - Neoen” above.

Other Potential Markets

We are actively monitoring other jurisdictions within or proximate to our core markets in South America, Europe and Asia-Pacific where we see strong potential for renewable power development and investment. Additionally, Brookfield continues to raise funds for the Catalytic Transition Fund, an energy