"South Korea Must Utilize Nuclear Power for '2050 Carbon Neutrality'"

[Asia Economy Reporter Jeong Hyunjin] There is a claim that South Korea must actively utilize nuclear power to achieve carbon neutrality by 2050.

On the 27th, the Federation of Korean Industries (FKI) analyzed domestic difficulties in achieving carbon neutrality and argued that nuclear power, such as Small Modular Reactors (SMRs), is necessary for carbon neutrality, similar to advanced countries like the United States and the United Kingdom. Yuh Hwan-ik, head of the FKI Corporate Policy Office, said, "When setting the 2030 reduction target, it is necessary to avoid abrupt carbon reductions, strengthen tax support for investments in carbon reduction facilities, and actively utilize nuclear power such as SMRs, discussing reasonable carbon neutrality policies."

The FKI emphasized that major advanced countries are devising plans to actively utilize nuclear power as they declare carbon neutrality. According to the FKI, U.S. President Joe Biden announced plans to use nuclear power as a means of transitioning to clean energy through his campaign promises, unveiling large-scale investment plans for SMRs and extending the lifespan of existing operating nuclear plants.

China also included in its recently announced 14th Five-Year Plan the construction of 20 new reactors by 2025. The United Kingdom recognized that nuclear power contributes to carbon neutrality and announced plans to build SMRs. France also acknowledged nuclear power as a core part of future national power supply and announced related investment plans, while Japan stated its intention to utilize nuclear power, whose safety has been confirmed, in its carbon neutrality policy.

The FKI pointed out, "These nuclear power policies of advanced countries contrast with South Korea's nuclear policy, which delays the operation permits of completed nuclear plants and postpones approval for new nuclear plant construction."

(Data provided by the Federation of Korean Industries)

The FKI also mentioned that South Korea has a shorter period to achieve carbon neutrality compared to major advanced countries. According to the FKI, South Korea plans to achieve carbon neutrality over 32 years from 2018 to 2050. The United Kingdom and France are pursuing carbon neutrality over 60 years from 1990 to 2050, Germany over 55 years from 1990 to 2045, the United States over 43 years from 2007 to 2050, and Japan over 37 years from 2013 to 2050.

The FKI expressed concern, stating, "South Korea submitted its mid-term reduction target for 2030 to the United Nations (UN) Framework Convention on Climate Change but received an insufficient evaluation, and it is expected that the 2030 mid-term reduction target will be revised upward within this year. Due to the shorter achievement period compared to major advanced countries and the upward revision of the 2030 mid-term reduction target, steep greenhouse gas reductions are inevitable, which will inevitably impose a significant economic burden."

The FKI also pointed out that the domestic industrial structure, led by energy-intensive, high-carbon-emission manufacturing industries such as petrochemicals, refining, and steel, is a major difficulty in achieving carbon neutrality. The manufacturing sector's value-added share of South Korea's Gross Domestic Product (GDP) was 26.6% in 2018, higher than advanced countries such as the United Kingdom (8.8%), France (9.9%), and the United States (11.3%). The carbon intensity, which refers to carbon dioxide emissions per GDP, averaged 0.33 kg/dollar from 2017 to 2019, a higher level than advanced countries like France (0.11), the United Kingdom (0.12), and Germany (0.17).

The FKI emphasized the necessity of carbon neutrality through nuclear power, stating, "There are limits to replacing coal power with renewable power or the potential for renewable energy generation."

This content was produced with the assistance of AI translation services.