A multi-model assessment of carbon neutrality pathways for Korea's power sector

Abstract

In October 2021, Korea announced its mid-century carbon mitigation target of achieving carbon neutrality by 2050, reaffirming its commitment by enhancing its 2030 Nationally Determined Contribution (NDC). This study employs six energy-economic and integrated assessment models to explore net-zero emission pathways and strategies for Korea's power sector, while assessing the associated costs and challenges. The findings underscore the complexity and urgency of this transition, with the power sector playing a pivotal role in balancing the dual challenges of rapidly growing electricity demand and full decarbonization. A shift toward a renewable-dominated power sector emerges as a robust strategy, though it poses unprecedented technological and economic challenges. Large-scale low-carbon technologies, such as carbon capture and storage (CCS) and nuclear power, are identified as crucial solutions to reduce reliance on variable renewable energy sources and mitigate associated costs. Additionally, the study finds that current energy and climate policies are insufficient to meet the mid-century mitigation target, highlighting the urgent need for policy enhancements to bridge the gap and ensure the feasibility of Korea's carbon neutrality goal.