Govt should expand renewable power to 40 percent by 2040: South Korean advisory group

Vastavam web: A South Korean advisory group said the government should plan to increase the nation’s share of renewable power generation in its generating mix to as much as 40 percent by 2040 to keep abreast with global trends and lower its fuel import dependency. South Korea, Asia’s fourth-largest economy, is seeking a shift to cleaner and safer energy resources to reflect growing calls for clean air and concerns over atomic energy safety.

The ministry is set to release its long-term energy plan this year and will finalise the plan for 2019-2040 in December, based on the recommendation of the advisory group made up of experts and representatives from the industry. The group said the government should plan to increase the share of renewable power generation to between 25 percent and 40 percent by 2040, from an estimated 7.6 percent as of 2017, according to a report release on Wednesday.

The report did not provide a breakdown of a suggested energy mix by 2040. The group did recommend the government adjust fuel taxes to boost the use of cleaner fuels.The government announced a plan in July this year to raise taxes on thermal coal, while lowering levies on liquefied natural gas (LNG) to promote the use of cleaner fuels for power generation.