Moon's administration wants to fix the "skewed" current approach by slapping environmental taxes on coal and nuclear power while shrinking or eliminating import tariffs on natural gas. He's also freezing output at old coal plants, and is reviewing the construction of upcoming coal and nuclear facilities. And in the long run, the cleaner and safer sources would represent a larger slice of the pie. Moon wants natural gas to climb from 18 percent of power today to 27 percent by 2030, while renewables would jump from 5 percent to 20 percent. The problem, as you might guess, is that a rapid transition could leave people in the lurch if the government isn't careful. Whether or not Moon actually halts construction on coal and nuclear plants will depend on whether or not South Korea can meet its energy needs without them. Also, there's no guarantee that prices for gas and renewables will fall quickly enough to avoid a significant rate hike. If the plan goes forward, though, it would show that even those countries that are heavily entrenched in "dirty" power can go clean. And it could have ramifications even if you've never set foot on Korean soil. While firms like Samsung don't manufacture everything in their home country, this move could ease your mind if you're worried about the electricity used to make your phone or TV.
South Korea's incoming leader, Moon Jae-in has set out an energy policy which emphasises the need for renewable energy. South Korea depends upon coal and nuclear reactors for 70% of its power, but the new government aims to look to natural gas and renewable sources such as hydro and solar energy. Moon is to cut output from older coal plants and review plans for new nuclear and coal plants. The US Energy Information Administration (EIA) said on Friday that global oil demand was expected to grow by about 1 million barrels a day (bpd)