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[September Thematic Report] Energy Security In Korea

by Seoyoon Min | 30-09-2023 23:33


Energy security is a vital facet of a nation's stability, prosperity and enviornmental sustainability. Today I would like to talk about what energy security is and how it is proceeding in Korea today. Before going into Korea's specific circumstances, let us get to know what energy security is. Energy security refers to a nation's ability to ensure a consistent, affordable supply of energy to meet its diverse needs. It encompasses various factors, including infrastructure, policies, availibility of energy resources and affects the economic growth, environmental protection, and the overall well-being of the people.

 

To understand energy security fully, it is essential to take in consider the key factors that influence it.

1.    Energy Resource Diversity

Korea¡¯s energy security heavily relies on a diverse mix of energy sources including fossil fuels, and for the past few years, there have been more investment on nuclear and renewable energy as well.

2.    Infrastructure resilience

The stability of energy infrastructure plays a massive role in guaranteeing uninterrupted energy supply.

3.    Energy policy

Government policies and regulations impact the energy sector as well.

 

Going into Korea¡¯s particular journey, Korea faces specific challenges in maintaining its energy security. Korea heavily depends on energy imports, making it very vulnerable to supply disruptions. Since Korea is heavily reliant on particularly oil and natural gas, if the ties with other countries become unstable, it directly affects the whole country¡¯s system. While, nuclear energy has been a significant part of energy mix, safety concerns and problems connected to nuclear waste management persist. Environmental issues are also a problem where the while air pollution and the climate change is a major issue currently.

 

To address these challenges, Korea needs to implement various solutions. Korea definitely needs to diversify the energy sources as they are trying now and should invest more in renewable energy sources such as wind, solar, and hydroelectric power, to reduce dependency on fossil fuels. Promoting energy-efficient practices across industries by governmental regulations can also alleviate some environmental concerns. Upgrading energy storage infrastructure and grid systems will also become a great help.