SEJONG (South Korea): South Korea will expand its generation of nuclear power to 30 per cent of its total energy creation by 2030 as part of efforts to boost energy security and better meet carbon neutrality goals, the industry ministry said today.
The Yoon Suk-yeol government has pledged to reverse the nuclear phase-out policy of the previous administration, rebuild the industry and support its expansion overseas, according to Yonhap news agency.
The comparable figure came to 27.4 per cent as of 2021.
According to the comprehensive energy plan announced today, the government will resume the construction of the Shin-Hanul No. 3 and No. 4 nuclear reactors, and continue operations of existing reactors, which is expected to increase the country’s nuclear energy ratio to over 30 per cent by 2030.
The government also seeks to export 10 nuclear reactors by 2030 and to earmark 400 billion won for the development of small modular reactors (SMR), according to the Ministry of Trade, Industry and Energy.
The government will announce a plan on the right mix of renewable energy resources by the end of this year in an effort to achieve carbon neutrality, the ministry added.
Yonhap reported that currently, South Korea operates 20 out of its 24 nuclear reactors. The previous government had sought to decrease the number of plants in operation to 17 by 2034.
South Korea has pledged to reduce its greenhouse gas emissions by 40 per cent from the 2018 levels by 2030 and reach carbon neutrality by 2050.
In an effort to strengthen energy security, the government vowed to increase the country’s strategic reserves for major energy resources and to deepen international cooperation in a move to diversify its import channels of key industry items.
It will boost public firms’ role in securing overseas resources while actively backing the private sector for their overseas resources development.
The government will push to set up a special law on the establishment of a control tower and an early warning system on the national energy security, according to the ministry.
“If the plans are implemented without a hitch, our dependence on imported fossil fuels is expected to be reduced to around 60 per cent in 2030 from last year’s 81.8 per cent.
“Some 100,000 new jobs likely will be created in the energy sector by 2030, as the number of innovative venture firms will double to 5,000 by that time,” the ministry said. – BERNAMA
