South Korea, the third largest global LNG importer in 2022, will continue to rely on the super-chilled fuel despite the country’s latest plans to increase the amount of nuclear and renewables used for power generation.

Asia natural gas prices

Since President Yoon Suk-yeol took office in 2020, the government has reversed his predecessor’s policy of phasing out nuclear power. Suk-yeol’s government aims to reduce emissions by 40% from 2018 levels by 2030 and reach net-zero emissions by 2050.

“South Korea will actively use renewable energy sources and nuclear power plants and come up with a feasible and balanced energy mix amid the country’s efforts to reach carbon neutrality,”  the Ministry of Trade, Industry and Energy (MOTIE) said last month after unveiling its latest energy plan.

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