South Korea Plans Aggressive Reduction of Coal and LNG Power Generation by 2038
South Korea plans to significantly reduce the share of coal and liquefied natural gas in its power generation from 60% to 20% by 2038, while increasing renewable energy sources from 9% to 33%. The government aims for a 40% reduction in industrial emissions by 2030, but concerns about power supply stability for key industries persist, especially given recent setbacks in hydrogen and renewable projects. Although the approval of the Saeul-3 nuclear reactor offers some potential relief, it may not be enough to mitigate the impacts of reduced fossil fuel usage.
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South Korea aims to reduce the combined share of coal and liquefied natural gas (LNG) in power generation from 60% to 20% by 2038, while increasing renewable energy sources from 9% to 33%. The government has set a target for a 40% reduction in industrial emissions by 2030 from 2018 levels, relying heavily on hydrogen, wind, and solar technologies.
This shift has raised concerns regarding the stability of power supply for key industries such as steel and petrochemicals, which require constant energy. The country’s industrial sector contributes over 30% to GDP.
Recent failures in hydrogen projects and the postponement of significant renewable initiatives in Australia and Germany highlight the risks involved. While the approval of the Saeul-3 nuclear reactor offers some hope, the pace of nuclear deployment will not suffice to offset the anticipated impacts of reduced fossil fuel usage.
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