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Moon's troubled green energy policy

24 0 1
26.10.2020
By John Burton

While President Moon Jae-in has been praised for his handling of the COVID-19 outbreak, his efforts to address another global issue ― climate change ― appear to be sputtering.

In the launch of his Green New Deal this year. Moon repeated his promise first made in 2017 that non-hydro renewables would provide 60 gigawatts (GW) of energy, accounting for about a fifth of total energy production, by the end of the decade.

But there is increased skepticism around whether Korea's ability will reach that target. Renewables now account for only 4 percent of electricity generation in Korea compared to 10 percent in the U.S., according to the BP Statistical Review of World Energy 2019.

Fitch Solutions, a financial research group, estimates that renewables will only generate 31.9GW by 2029 because it will be more expensive than alternative energy sources, such as nuclear or fossil fuels, and thus will be economically unviable without sufficient subsidies despite the falling costs of solar and wind energy.

Pressure is growing on the government to deal with climate change. The National Assembly has passed a "climate emergency" resolution calling for a net zero emissions target by 2050. The government has responded by saying it will spend $64 billion over the next five........

© The Korea Times


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