Industry Calls to Revitalize Nuclear Power to Lower Industrial and Transport Greenhouse Gas Reduction Targets

In December last year, Yoon Seok-yeol, then the People Power Party's presidential candidate, visited the construction suspension site of Shin Hanul Units 3 and 4 in Uljin County, Gyeongbuk, and announced his nuclear power pledge.

[Asia Economy Reporter Choi Dae-yeol] A proposal has been made to revise the current mid- to long-term greenhouse gas reduction targets to adjust the reduction pace by sector, considering that the targets do not account for an increase in nuclear power generation.

Jung Kwang-ha, Director of the Future Industry Research Institute at the Korea Industrial Federation Forum, composed of major industry associations, stated at an online forum held on the 21st, "The industrial sector's (greenhouse gas) reduction targets were unilaterally established without sufficient consultation with the industry." He added, "Considering the manufacturing-centered industrial structure, world-class energy efficiency, greenhouse gas reduction technologies, and the relatively short timeframe compared to advanced countries, these targets are difficult to achieve," and emphasized, "Nuclear power generation could be a key means of reducing greenhouse gases."

According to Director Jung, as of 2018, the carbon emission factors (g/kWh) by power source are lowest for nuclear power at 0g. Renewable energy is 8.4g, liquefied natural gas (LNG) is 399g, and coal is 852g. The Korean government set the national greenhouse gas reduction target (NDC) to reduce emissions by 40% from 727.6 million tCO₂eq in 2018 to 436.6 million tCO₂eq by 2030. Among these, the power conversion sector, which has the highest emissions, is to reduce by 44.4%, the industrial sector by 14.5%, and the transportation sector by 28.1%.

Jung Manki, Chairman of the Korea Industrial Federation Forum, said, "The 37% carbon reduction target compared to the 2030 emission forecast set during the Park Geun-hye administration was already an ambitious goal considering our industrial realities, but the Moon Jae-in administration promised even more ambitious reduction targets to the international community, which raises concerns that corporate management and citizens' lives may become more difficult." He added, "Considering that some industries such as steel, petrochemicals, and semiconductors have world-class energy efficiency, achieving the targets may be difficult without intermittent production shutdowns and the resulting job reductions."

He continued, "If changing the 40% carbon reduction target by 2030 is difficult, it is necessary to significantly revise the reduction targets by sector," emphasizing, "Since the 40% reduction target was set without considering the activation of nuclear power, and considering that nuclear power activation could reduce up to 79 million tons in the power sector, this reduction could be utilized to adjust the reduction targets in the industrial or transportation sectors."

Power plant in Seo-gu area viewed from Gyeongin Ara Waterway, Seo-gu, Incheon City

Director Jung also explained, "If the greenhouse gas reduction amount in the power conversion sector due to nuclear power activation policies is used to ease reductions in the industrial and transportation sectors, it can mitigate the weakening of industrial competitiveness caused by excessive reduction burdens." He added, "Extending the lifespan of nuclear power plants can reduce power generation costs by 38 won per kWh compared to new construction, so increasing the operation rate and prioritizing lifespan extension should be considered first." He predicted that if Shin Hanul Nuclear Power Units 3 and 4 are completed by 2030, they could significantly contribute to achieving the NDC targets.

Jung Eun-mi, Head of the Korea Institute for Industrial Economics & Trade, said, "Carbon neutrality brings about a profound change that completely transforms not only technology, products, and energy transition but also the development methods and paths of our industry." She added, "In pursuing carbon neutrality, it is necessary to reflect the characteristics of each country's industrial structure, manufacturing growth vision, and form a consensus on the sustainable growth path of the Korean economy."

Park Chan-oh, Research Fellow at the Seoul National University Nuclear Policy Center, stated, "Nuclear hydrogen produced using operating nuclear power plants is sufficiently feasible and competitive in terms of hydrogen production cost, supply efficiency, and coexistence with renewable energy." He added, "Korea's nuclear hydrogen will meet the government's 2030 production target of 3,500 won per kilogram due to continuous performance improvements and price reductions in hydrogen facilities." Park Young-gu, CEO of Enertopia, said, "The new government's nuclear policy changes are expected not only to contribute to cost-effective achievement of NDC targets in the power conversion sector but also to alleviate potential electricity price increases in the industrial sector, thereby helping to maintain industrial competitiveness."

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