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S. Korea Planning Climate Response Fund (Int'l. Report)
South Korea
Date: 2020-12-09
In Seoul, the South Korean Finance Ministry is reporting the government plans to overhaul its carbon emissions taxation scheme and create a tentatively named Climate Response Fund to fight climate change. The move is in keeping with a bid to transform the country's fossil-fuel reliant economy into a low-carbon economy and achieve its previously announced goal of carbon neutrality by 2050. The initiative is in line with the government's Green New Deal drive to slash GHG emissions by 24.4 pct by 2030 from 2017 levels to achieve sustainable growth through eco-friendly policies.

In a related effort, the country will increase its efforts to scale down its dependence on fossil fuels and further develop green energy sources such as hydrogen and renewable energy.

In 2019, coal accounted for 40.4 pct of the country's power generation followed by liquefied natural gas (LNG) at 25.6 pct and nuclear power with 25.9 pct. (Source: Yonhap, 7 Dec., 2020)

More Low-Carbon Energy News Carbon Emissions,  Korea Carbon Emissions,  Low-Carbon Economy,  Low-Carbon Energy,  


Korean Corporations Urged to Cut GHG Emissions (Int'l Report)
Korea
Date: 2019-11-04
The Korean Times is reporting Korean companies consume over 50 pct of the electric power generated from coal-fired power plants and contribute 30 to 40 pct of the country's greenhouse gas emissions. The Times notes that Korean companies, the main consumers of electricity generated by the coal-fired plants, need to transition to renewables but to date have been largely noncommittal to dropping fossil fuels.

According to Kim Ji-seok, a climate and energy specialist at Greenpeace Seoul, "there are two ways for local companies to replace their energy sources with renewable energy. One is to build their own power plant and the other is to purchase the energy from a renewable resources power generator. However, the latter is not legal here. Besides, electric power generated by such plants accounts for only 3.5 pct of the total electricity used in Korea, which is way too small to meet market demand," Kim said.

The state-run Korean Electric Power Corp. (KEPCO), which controls the majority of the country's electric power generation, is reportedly slow to adopt renewables. Another major factor attributing to high rate of greenhouse gases in Korea is the auto industry with Hyundai and Kia Motors emitting 401 million gross tons of carbon dioxide equivalent (CO2e) in 2018. (Source: Korea Times, Nov., 2019)

More Low-Carbon Energy News GHGs,  Korea Carbon Emissions,  Carbon Emissions,  Climate Change,  

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