South Korea has been considered a tech brainy country when we specifically talk about LG and Samsung, but most of us don’t know about its energy policies. South Korea doesn’t just depend on coal and nuclear reactors, but giving them tax breaks in keeping prices down. It is important that South Korea is fulfilling at least 70 percent power requirements from these sources. Now South Korean people have selected a new president for their country. New president Moon Jae-in has proposed an energy strategy and it would demoralize the use of coal and nuclear in the best interest of both natural gas and renewable sources such as Hydro and Solar. It might be a much slower process with a number of potential problems. The administration of Moon needs to fix the current approach by hitting environmental taxes on coal and nuclear power.
It is important that Moon’s administration is shrinking or eliminating import tariffs on natural gas. They are also freezing output at old coal plants and reviewing the construction for upcoming coal and nuclear facilities. Point to be noted that the safer and cleaner energy sources would represent a bigger slice of the pie. The administration of Moon needs to boost up natural gas from 18 percent of currently power to 27 percent by the year 2030 and renewable sources would boost up from 5 percent to 20 percent. It is assumed that a rapid transition might leave people in the swing if the government isn’t careful in its implementation. It is because Moon has immediately stopped construction on coal and nuclear plants and it will depend on whether or not South Korea to meet its energy requirements without them.