[Reporter’s Notebook] An Apology for Coal, the Outcast of 'Carbon Neutrality'

[Asia Economy Reporter Oh Hyung-gil] According to the '10th Basic Plan for Electricity Supply and Demand' recently released by the Ministry of Trade, Industry and Energy, coal power accounted for about 34% of domestic electricity supply and demand as of 2021. Although the government, companies, and financial institutions all unanimously call for 'coal phase-out,' the fact remains that coal is a core energy source in South Korea.

Coal, formed over a long period as plants from the Paleozoic coal period were buried underground and gradually decomposed under pressure and geothermal heat, drove the Industrial Revolution in the 18th century. It is no exaggeration to say that it is the foundation of the life humanity lives today. However, the future of coal is bleak.

(Photo by Wikipedia)

The government plans to reduce the share of coal power to below 20% by 2030 while increasing nuclear power generation. There is also a plan to newly introduce hydrogen and ammonia power generation, which do not emit carbon. Coal is treated as the biggest obstacle to achieving the national greenhouse gas reduction target (NDC) by 2030.

However, coal remains important. Last year, South Korea's expenditure on coal imports exceeded the highest level ever recorded. The direct cause can be found in the shortage of liquefied natural gas (LNG) supply due to geopolitical crises and the resulting price increase.

Globally, coal usage is also estimated to have reached an all-time high last year. Korea Electric Power Corporation (KEPCO) submitted a plan to the government in October last year to replace some LNG power generation with coal power generation to reduce fuel costs by 1.6 trillion won.

In addition, electricity consumption is rapidly increasing to operate the growing number of IT devices and vast networks, and renewable energy, which emerged as a new energy alternative, has not produced results as expected. It is possible that our descendants will also have to continue using coal.

Japan recently restarted coal-fired power plants that had long been shut down. Although it was an unavoidable choice due to the power shortage, it holds significant implications for us as well. Since we rely heavily on energy imports, it is time for us to reassess stable energy supply for energy security.

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