State utility should take the lead in realizing carbon neutrality
Korea Electric Power Corp. (KEPCO) has released its "2020 report for sustainable management," vowing to reduce or halt coal-fired power generation at home and abroad. It is a welcome move that the state utility is moving to shut down coal power stations ahead of schedule, shift to liquefied natural gas, and expand its use of renewable energy. KEPCO will also pull out of new thermal power generation projects abroad from 2050. The ongoing ones to build two coal-fired plants each in Indonesia and Vietnam will likely remain a fly in the ointment.
The report shows KEPCO has taken the first big stride toward low-carbon, environment-friendly power generation. Some industry experts regard the move as a decision conscious of the Moon Jae-in administration's declared push for carbon neutrality by 2050, or environmental groups' criticism of the state utility. However, the government plan was somewhat belated. Global pension funds and sovereign wealth funds, including Denmark's MP Pension, have long been pressing KEPCO to stop investing in coal power generation.
The U.S. to be led by President-elect Joe Biden and the EU are considering slapping a "carbon border tax" ― a tax on carbon emissions attributed to imported goods ― on countries balking at reducing the emissions of greenhouse gases. All this shows that low-carbon, green growth has emerged as a global social and economic issue, and an irreversible trend of the times. Coal, the main culprit behind climate change by emitting carbon dioxide and fine dust, is no longer a cheap energy source, either. In Europe and the U.S. solar and wind energy are already generating electricity at lower costs than coal.
The International Energy Agency (IEA) says renewable energy will account for 90 percent of power generation in two decades. Korea, the world's sixth-largest emitter of greenhouse gases, should also make the advent of a coal-free society its unshakable destination and principle. If the nation runs counter to the global trend, it will remain a "climate villain," falling behind others like a frog in a well. We hope KEPCO's coal-free pledge will serve as a catalyst in bringing forward a carbon-neutral society.
Korea Electric Power Corp. (KEPCO) has released its "2020 report for sustainable management," vowing to reduce or halt coal-fired power generation at home and abroad. It is a welcome move that the state utility is moving to shut down coal power stations ahead of schedule, shift to liquefied natural gas, and expand its use of renewable energy. KEPCO will also pull out of new thermal power generation projects abroad from 2050. The ongoing ones to build two coal-fired plants each in Indonesia and Vietnam will likely remain a fly in the ointment.
The report shows KEPCO has taken the first big stride toward low-carbon, environment-friendly power generation. Some industry experts regard the move as a decision conscious of the Moon Jae-in administration's declared push for carbon neutrality by 2050, or environmental groups' criticism of the state utility. However, the government plan was somewhat belated. Global pension funds and sovereign wealth funds, including Denmark's MP Pension, have long been pressing KEPCO to stop investing in coal power generation.
The U.S. to be led by President-elect Joe Biden and the EU are considering slapping a "carbon border tax" ― a tax on carbon emissions attributed to imported goods ― on countries balking at reducing the emissions of greenhouse gases. All this shows that low-carbon, green growth has emerged as a global social and economic issue, and an irreversible trend of the times. Coal, the main culprit behind climate change by emitting carbon dioxide and fine dust, is no longer a cheap energy source, either. In Europe and the U.S. solar and wind energy are already generating electricity at lower costs than coal.
The International Energy Agency (IEA) says renewable energy will account for 90 percent of power generation in two decades. Korea, the world's sixth-largest emitter of greenhouse gases, should also make the advent of a coal-free society its unshakable destination and principle. If the nation runs counter to the global trend, it will remain a "climate villain," falling behind others like a frog in a well. We hope KEPCO's coal-free pledge will serve as a catalyst in bringing forward a carbon-neutral society.
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