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Introduction

“South Korea”, likewise called the “Republic of Korea” is encompassed by “China in the west”, “Japan in the east and “the Korea Strait in the south and North Korea in the north”. The entire area range of “South Korea” is “99,493 square km.” and it has a population of near about of a 50 million. The capital and biggest city of the nation is “Seoul.” South Korea’s has its technological headship in practically every item market, including gadgets and PCs, automobiles, heavy tools, steel, chemicals, construction, shipping – and nuclear power generation. South Korea is the Member of the “Trillion Dollar Club”, with a “$1.67T” economy who has a “Per-capita Income of over $33,000 every year”. It is the “World's 12th Largest Economy “and they have a typical “3.5%-5%” financial development for each year (uskoreainstitute.org, 2016).

Economy of South Korea

During 1950, South Korea was an extremely poor developing nation. Its “GDP per capita” at end of Korean War was under “$800”, notwithstanding, in under forty years, South Korean's expanded more than ten times, to “$7,235”. Its fast change into a high technological industrialized society had made it one of the wealthiest. “Annual income per” individual rose from “$100” in the mid 1960 to almost over “$20,00” during 2000”. South Korea has a business sector economy which positions its in the 14th in the world by ostensible “GDP” and 12th by “purchasing power parity (PPP)”, recognizing it as one of the “G-20” noteworthy economies (www.eia.gov, 2015).

South Korea’s GDP growth from 1960 to 2012

Generally, from “1960 to 2010”, “Southern South Korea’s” GDP arrived at the midpoint of “278.3 billion dollars (US)” achieving an unsurpassed high of “1048.3 billion dollars (US)” during 2007 as well as a record low of “2.5 billion dollars (US)” during 1961. The “gross domestic product (GDP)” activities of across the country wage and result for a given country's monetary framework. The “(GDP)” is like the whole costs for every single last item or services that was made inside of the country in a foreordained time period (www.eia.gov, 2015).

The Energy Situation in Korea

South Korea is the 4th greatest “energy exporter” in the world as well as 7 th greatest “CO2 Emitter” in the world, with 610 million tones. The cost for importing energy varies and transformed from 2000 to 2012. Like during 2000 it was near about “38 billion USD”, and it was approximately “171 billion USD” during 2012. The contrast can be seen with the facts that the exports of “cars, semi conductors, ship building” costs near about “$145 bill USD” and just the “import of energy” costs “$171 bill USD” (uskoreainstitute.org, 2016).

Korea’s Energy Consumption

South Korea positioned 10th as far as “energy consumption” in the world, yet deficient with regards to “natural resources”, an amazing 95 % of the nation's energy use depends on “imports”, adding up to US$171 billion” during 2012, the financial proportionate to about 1/3rd of its whole “imports”. Moreover, Korea is highly reliant on “fossil fuels” (OECD, 1994).

Energy Policy of Korea

Paradigm alteration in Energy Policy

During 1970 it was securing a steady energy supply on the grounds that, there was the oil emergency amid 1970s and the ecological issues which developed on the world's radar at that point of time. In the late 1980 it has prompted for renewed calls for approaches that could handle the issues encompassing energy security, and also it diversified the “energy resources” like “Nuclear energy, coal, LNG.” During 1990, negotiations on receiving market instrument and rivalry in the “energy market” have turn out to be fast, and improving the energy competence. During 2000 there was a “sustainable advancement in a low carbon society”, as well as saw an attention on latest and renewable types of energy as an approach to react to the test (www.energy.siemens.com, 2013).

The Energy Vision for 2030 is “Energy Security, Energy Efficiency, And Environmental Protection”. In addition, South Korea had made arrangements to endorse “renewable energy” to decrease its “carbon dioxide” outflows by 38% from “commerce-as-usual anticipated levels” (projections of discharge levels absent any “carbon price plan”) during 2030 (www.energy.siemens.com, 2013).

Korea’s “Mid and Long Term Energy Policy”

Korea has built up “the National Basic Energy Plan (2008-2030)” during 2008 to set the heading of “mid and long term energy policy”. The objective of Korea's “energy policy” is to lessen reliance on “fossil fuels” and to expand the “share of nuclear and renewable energy” within “energy” blend. The procedures to accomplish “Mid and Long Term Energy Policy” could be done by making better the “energy” productivity and lessening “energy” utilization, also by increasing the supply of “clean energy” and diminishing the utilization of “fossil fuels”, as well as boosting up the “green energy industry” and by guaranteeing that the “Korean” nationals would have entry towards reasonable “energy”. The main “Energy” goal was about to increase the “self sufficiency rate” from “3.25” in 2006 to “40%” in 2030, “Share of Renewable Energy” to “11%” in 2030, “Energy Intensity” from “0.347 to 0.185” during 2030, “Oil Dependency” to 33% within 2030 and “Level of Green Energy Technology” from “60%” during 2006 to “100%” within 2030 (down.cenet.org.cn, 2016).

Green Growth for Korea

The reasons for having a green growth for Korea is due to its climatic impact, which is the average temperature rises above 1.7C which is almost two times higher than the world’s average. The “energy security” is also a cause as it costs “140 billion USD energy bill” to import “energy”. Lastly the financial slowdown was also one of the main reasons as the growth rate declined from the Asian economic crisis during 1990 and also the growth without any augmentation in the employment. Thus a new or approach was required to deal with it. The vision of the Government’s was “Low Carbon, GREEN GROWTH” (Kim, 2009).

Characteristics of Green Growth in Korea

Renewable Energy and Government’s role are; to build up “clear and long haul” policy, also to have practical way cost efficient methods to deal with technological improvement, to fortify “private sector” association and to reinforce “international cooperation”. The “National Green Growth Development Strategy” for 2008-2030 is to determine the “Green and Renewable energy” innovation would be that main development engine for Korea and also to determine the selected “competitive fields” as indicated by attractiveness, technological standard and urgency (uskoreainstitute.org, 2016).

The Gulf countries are looking to expand their oil-focused business portfolio to plan for the postoil time. Korea has perceived the significance of this rising marketplace through sending it biggest business delegates which included “116 representatives of public and private” corporations. Satisfying the desires, Korean organizations fixed 9 “memoranda of understanding (MOUs) in the summit” to welcome oil cash to fuel South Korea's slowing down market (www.eia.gov, 2015).

The Korean Nuclear Power Program

“The South Korean Commercial Nuclear Power Program” is included “23 reactors” of a diversity of advances, creating more than “20 Gwe of Power”, or approximately “47%” of the entire “national power demand” (Clay, 2012).

“Nuclear energy path in the Middle East”

“South Korean President Park Geun-hye” met with “Saudi Arabia's King Salman” in 2015 March in Riyadh, and the two nations concurred that “South Korean” corporations would assist in building at least little to-medium measured “nuclear reactors in Saudi Arabia”, for an expected expense of some $2 billion, as per authority articulations . The two nations consented to sign two” MOUs”, one for collaboration on “SMART, Korea's nuclear power reactor plan”, and another on preparing the employees. “SMART is a small-sized nuclear power reactor” which could sufficiently deliver energy to desalinate “forty thousand tons of new water” a day (www.reuters.com, 2015).

Korea-Saudi Renewable Cooperation is about “KACST-KEMCO (Korea Energy Management Corporation), Renewable energy collaboration in advancement and Joint R&D in renewable energy technologies.”The prospective parts of Korea-Saudi Clean Energy Joint Research are; Korea has chosen fifteen “green energy technology” which includes “wind energy, solar energy, CCS (Carbon Capture Storage) and smart-grid and plans to advance as “new growth engine” for Korea's upcoming monetary development . In order to create “clean energy”, “Solar PV, Wind power, Hydrogen Fuel cells, IGCC (Integrated Gasification Combined Cycle), Nuclear energy” are required. To clean the “fossil fuel, Clean Fuel, CCS (Carbon Capture and Storage)” is needed. In enhancing the “energy proficiency - Power IT, Energy Storage, Small-scale combined Heat and Power, Conductivity, Energy efficient building, LED lighting” are needed. KoreaSaudi consented to extend participation in energy segment concentrated on nuclear fuel and renewable energy (Clay, 2012). “Korea's nuclear power and renewable” sections of industry experience and expertise, it will contribute to Saudi’s green growth” Moreover, “Korea's nuclear power and renewable” segments of industry knowledge and ability, would add to “Saudi's green growth”. They look forward to gain financial improvement experience from Korea as this nation is the world's tenth biggest market. Korea looks to add to the solar and wind industries likewise as the semiconductor and shipbuilding businesses. Furthermore, Saudi wants to be controlled 100% by “renewable and low-carbon” types of energy, towards a manageable “energy” blend (uskoreainstitute.org, 2016).

Conclusion

The South Korean administration would coordinate the majority of its “energy” strategies presented above and set up its second “Energy Master Plan” that would incorporate its mid-to long haul idea for another “energy” blend. This arrangement would permit the nation to guarantee “energy security” and effectiveness, and, in the meantime, help the nation layout a good methodology to deal with ecological and security concerns. Also, the administration would keep on cultivating the “energy” business so it could have a focal part in advancing an “inventive economy” (www.energy.siemens.com, 2013).

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