South Korea’s energy ministry aims to increase the share of green energy in the country’s energy mix by 4 times their current levels. Renewable energy sources form just 8% of Seoul’s current energy mix.
On Friday, a draft revision of South Korea’s energy policy showed that Seoul aims to boost renewable energy sources from its basket of energy sources, by as much as 35%, 400% of its current amount, by 2040.
South Korea has been pushing to shed its reliance on coal and nuclear power, with the latest target coming on top of a 2017 plan to increase the amount of renewables in its energy mix to 20% by 2030.
Currently Seoul’s renewable energy sources makes up just 8% of its energy production.
“We have decided to increase the share of renewable power to between 30 percent and 35 percent by 2040 to move toward cleaner and safer energy based on an advisory group’s recommendation,” said Park Jae-young, director of the Ministry of Trade, Industry and Energy, at a public hearing in Seoul.
The development comes in the wake of a South Korean advisory group stating in November 2018, that the share of renewable energy sources in the country’s energy mix should be between 25% and 40% by 2040 in order to keep up with global trends.
According to Park, the usage of coal in South Korea’s power industry is expected to come down significantly in favour of LNG.
South Korea’s energy ministry also plans to stop extending the lifespans of old nuclear power plants.
In late March this year, research firm Wood Mackenzie had stated, South Korea is likely to just miss its 2030 renewable energy target, despite the fact that renewables energy sources are expected to nearly triple from 2019 levels.
The energy ministry will take a final call on its energy policy after taking into account suggestions raised at Friday’s public hearing.