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Executive summary hydrogen industry. Under the Paris
Korea’s energy sector is characterised Agreement, Korea is committed to limit
by the dominance of fossil fuels, which its emissions to 536 million tonnes carbon
in 2018 accounted for 85% of total dioxide equivalent(Mt CO2-eq) in 2030; in
primary energy supply(TPES), a strong 2018, emissions were 709 Mt CO2-eq.
dependence on energy imports at Reaching these ambitious targets will
84% of TPES, and the dominance of require Korea to substantially enhance
industrial energy use at 55% of total final decarbonisation efforts across all
consumption, the highest share among energy sectors, address regulatory and
IEA countries. In 2018, Korea had the institutional barriers, introduce flexible
lowest share of energy from renewable market designs, and make use of the
sources in energy supply among all IEA country’s advanced technologies and
countries. innovative capacity. The government’s
The Korean government is committed to announcement of a Green New Deal in
advance the country’s energy transition July 2020 as part of its post COVID-19
by increasing the share of renewable recovery package is a significant step
electricity to 20% by 2030 and to 30- towards accelerating Korea’s energy
35% by 2040, to gradually phase-out coal transition.
and nuclear from the energy mix while
significantly improving energy efficiency, In its 3rd Energy Master Plan(EMP), the
and by fostering the country’s nascent government has confirmed its intention