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Martial Law Fiasco Casts Doubt Over Korea’s Nuclear Power Push

Enegy Connect, By Bloomberg, By Heesu Lee, Dec 16, 2024

— South Korea’s embrace of nuclear energy has been thrown into doubt as President Yoon Suk Yeol’s impeachment case raises the possibility of the opposition coming to power and overhauling the nation’s broader energy strategy.

With Yoon suspended from office because of a botched attempt to impose martial law, his push to build more reactors at home and ramp up exports of Seoul’s nuclear technology is at risk of stalling, alongside a flagship oil and gas discovery. Stocks related to the nuclear sector and the drilling project have already suffered losses due to souring investor sentiment since the political crisis began.

Asia’s fourth-largest economy has pledged to curb emissions by 40% from 2018 levels by 2030 and, while Yoon has come out in support of nuclear, successive governments have been criticized for dragging their feet on adding more renewables like solar and wind. The country is due to update its climate targets by early next year, but the political upheaval has now complicated that.

Opposition leader Lee Jae-myung, Yoon’s most likely successor if he loses the impeachment case, is seen as more climate-friendly. During his campaign in the 2022 presidential election, which he narrowly lost, he pledged to expand renewables, bring forward the country’s 2050 net zero target by a decade, and pushed for stricter emissions targets with early phase-out of coal-fired power plants.

At the same time, he has opposed building new nuclear reactors but is set to allow the use of existing facilities. ……….

critics argued that Yoon’s nuclear-centric strategy sidelined the potential of renewable energy, which aligns more closely with global green initiatives. At the same time, his push for oil and gas exploration off the country’s east coast also faced a backlash from climate activists and opposition lawmakers, who claimed these policies undermine the decarbonization efforts of the world’s eighth-biggest emitter.

For now, all eyes are on South Korea’s Constitutional Court, which must decide whether or not to validate Yoon’s impeachment within 180 days. If it does, an election must be held for a new president within 60 days. 

All this could delay the parliamentary approval needed for the country’s long-term energy roadmap plan…………………………………………..https://www.energyconnects.com/news/renewables/2024/december/martial-law-fiasco-casts-doubt-over-korea-s-nuclear-power-push/

December 22, 2024 - Posted by Christina Macpherson | politics, South Korea