{"id":2196330,"date":"2022-05-24T19:33:13","date_gmt":"2022-05-24T10:33:13","guid":{"rendered":"https:\/\/www.nknews.org\/pro\/?p=2196330"},"modified":"2023-04-05T16:12:21","modified_gmt":"2023-04-05T07:12:21","slug":"more-nuclear-less-coal-the-future-of-south-koreas-energy-mix","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2022\/05\/more-nuclear-less-coal-the-future-of-south-koreas-energy-mix\/","title":{"rendered":"More nuclear, less coal? The future of South Korea\u2019s energy mix"},"content":{"rendered":"

The Yoon Suk-yeol administration is in a unique place to kick-start new initiatives and growth in South Korea\u2019s energy sector. While his plans on the surface appear to peel back some of the former Moon administration\u2019s goals regarding carbon neutrality and renewable energy, they are probably more realistic for the demands of South Korea\u2019s industrial sector and future economic growth stability.<\/span><\/p>\n

Yoon presented <\/span>two key energy objectives<\/span><\/a> after winning South Korea\u2019s presidential election in March that will likely become pillars of the new president\u2019s energy policy over the next five years: a comprehensive revision to carbon neutrality and climate change policies, and a bolstering of nuclear power to South Korea\u2019s energy mix.<\/span><\/p>\n

In a nutshell, Yoon made it clear that his predecessor\u2019s commitment to carbon neutrality by 2050 would be difficult to <\/span>deliver upon<\/span><\/a> with renewables alone and would unfairly burden the South Korean industrial sector \u2014 the <\/span>majority<\/span><\/a> user of energy in South Korea. Yoon consequently pledged to <\/span>revisit<\/span><\/a> international climate commitments and <\/span>lower the proportion<\/span><\/a> of renewable energy South Korea targets this decade.<\/span><\/p>\n

But the Yoon administration has <\/span>a new goal<\/span><\/a> to reduce the proportion of South Korea\u2019s fossil fuel power generation <\/span>to 40%<\/span><\/a> before the end of its term in 2027, partly due to concerns about air pollution, leveraging a combination of expanded investment in nuclear and renewables to facilitate the shift.<\/span><\/p>\n

As a result, even though Yoon is more modest about carbon neutrality and renewable energy goals than his predecessor, myriad opportunities for nuclear and alternative energy providers remain on the horizon, even if they may come at a cost for those in the traditional fossil fuel industry.<\/span><\/p>\n

\"\"

The Eiffel Tower in Paris, France, is illuminated in green to celebrate the entry into force of the Paris Agreement, Nov. 4, 2016 | Image: U.S. Department of State via Flickr<\/a><\/p><\/div>\n

EVOLVING CLIMATE GOALS<\/b><\/p>\n

South Korea <\/span>passed the Carbon Neutrality and Green Growth Act<\/span><\/a> in Sept. 2021 to mandate carbon neutrality by 2050 and oblige a 35% reduction of 2018 greenhouse gas (GHG) by 2030. Within months, the former administration went further and increased the 2030 target <\/span>to a 40%<\/span><\/a> GHG reduction in its National Determined Contribution (NDC) to the United Nations in Dec. 2021. This followed diplomatic pressure from the U.S. and others, particularly after next-door Japan announced an NDC target of 46%.<\/span><\/p>\n

But reaching carbon neutrality in less than 28 years is a tall order for South Korea\u2019s export-led economy. The industrial sector demands the majority of electricity supply and emits over 11.7 tons of CO2 per capita \u2014 making it one of the most intensive carbon users in the world.\u00a0<\/span><\/p>\n

And because South Korea relies on imports for nearly all of its fossil fuel consumption, it also ranks among the world\u2019s <\/span>top five<\/span><\/a> importers of liquified natural gas (LNG), coal and petroleum liquids, <\/span>research<\/span><\/a> from the U.S. Energy Information Administration shows. Such massive energy demands will be extremely difficult to replace with carbon-free sources.<\/span><\/p>\n

Due partly to the difficulty in quickly replacing industrial power needs with renewables, Seoul has been reluctant to change the status quo, subsidizing coal-fired power plant technology until <\/span>last year<\/span><\/a> and currently <\/span>subsidizing<\/span><\/a> diesel fuel due to recent surges in pricing. Major conglomerates like <\/span>Samsung Electronics<\/span><\/a> have also dragged their feet on committing more fully to renewable energy.<\/span><\/p>\n

Yoon appears unlikely to pressure Korean industry to transition any quicker. On the campaign trail, he said it was \u201c<\/span>not possible<\/span><\/a>\u201d for renewables to power 100% of the South Korean economy and that traditional sources of energy, including nuclear, remain important. While the former government wanted renewables <\/span>to account for<\/span><\/a> 30.2% of power generation in 2030 versus 2018, Yoon’s target is reportedly a 20-25% share by 2030 \u2014 leading up to 30% by the mid-2030s.<\/span><\/p>\n

President Yoon\u2019s list of 110 \u201c<\/span>National Tasks<\/span><\/a>\u201d does not spell out exactly how the administration plans to achieve these goals, but does explain that the new president aims to revise South Korea\u2019s Nationally Determined Contributions and envisions nuclear energy as a key power source for the 21st century.\u00a0<\/span><\/p>\n

Zooming out, there is an important range of variables \u2014 both impediments and opportunities \u2014 that could limit or accelerate the scope of Yoon\u2019s maneuverability in this area:<\/span><\/p>\n