South Korea has revealed plans to increase the share of nuclear power in its national energy mix to 30% or more by 2030.
Newly elected President Yoon Seok-yeol announced the goal by rejecting the previous government’s plans to phase out nuclear power in the country.
A key campaign pledge for President Yoon was to increase investment in South Korea’s nuclear power sector and restore its status as a key exporter of safe reactors.
New government released energy policy goals and guidance following a cabinet meeting, aiming to maintain the country’s energy security and push for carbon neutrality amid chain uncertainties supply.
One of the administration’s main goals is to increase South Korea’s nuclear power output and raise its share of the country’s energy mix to 30%.
According to Reuters, nuclear energy accounted for 27% of South Korea’s electricity production last year.
In a statement, South Korea’s Ministry of Commerce, Industry and Energy said the government would resume construction of the Shin-Hanul III and IV nuclear reactors and continue operations at existing reactors to increase the ratio. of nuclear energy.
In addition, the government plans to export ten nuclear power plants by 2030 and develop a small type of modular reactor with an investment of KRW 400 billion ($300 million).
The administration will seek to “rationally” phase out coal use in the country and focus on the timely construction of power grids, among other measures.
It also aims to rationalize energy demand and market structure based on market principles.
In its statement, the government said the new energy policies would reduce South Korea’s dependence on fossil fuel imports from 81.8 percent last year to 60 percent in 2030.
The development of new energy industries and an increase in exports are also expected to create about 100,000 jobs by the end of the decade.