South Korea eyes becoming a nuclear energy powerhouse

This is provided under the new Energy Policy Directions.

The South Korean government, through its newly established Energy Policy Directions, plans to become a nuclear energy powerhouse with strong ecosystem.

According to Trade, Industry and Energy Minister Lee Chang-yang, details about the first agenda of the Energy Policy Directions will be announced in detail in July after consultations with industry experts and interested parties. 

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The second agenda covers the establishment of energy security through proactive sourcing and diversification of sources, whilst the third is focused on creating an economic ecosystem for carbon neutral, green investment and green consumption. 

“Enhancing energy efficiency can help tackle challenges like high oil prices more effectively, while also reducing social and economic costs,” the Ministry of Trade, Industry and Energy said.

“Aware of the pressure that will be felt by energy consumers, the Ministry is striving to minimise burden and solve problems simultaneously.”

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At present, South Korea stands as one of the largest consumer of energy, yet it ranked amongst the lower-efficiency nations. Korean industries particularly account for 62% of the total energy consumption, followed by buildings and transport. 

In light of this, the Ministry seeks to reduce its energy consumption rate by 25%.