Brown is the new green: Will South Korea’s commitment to coal power undermine its low carbon strategy?
This note present the results of Carbon Tracker’s coal power analysis for South Korea to understand stranded asset risk and relative economic competitiveness. The note has four key findings: South Korea has the highest stranded asset risk in the world due to market structures; South Korea risks losing the low carbon technology race by remaining committed to coal; Planned retrofits to cost $3.6 bn which will accelerate the competitiveness of renewables and could impact KEPCO’s finances; and South Korea should stop investing in new coal and develop a retirement schedule.
