Chaebols may hinder Green New Deal progress
South Korea’s conglomerates do not appear enthusiastic about curtailing carbon emissions, and their dominance crowds out more innovative contributors
South Korea’s Green New Deal risks being derailed by legacy players keen to use the long timescale required to build a hydrogen economy as a way of postponing meaningful action on emissions. The industrial establishment favours the hydrogen economy option due to the extended period that would be needed to build it, says Melissa Brown, director of energy finance studies, Asia at research body the Institute for Energy Economics and Financial Analysis in Hong Kong. South Korea’s state-controlled power companies are “inherently conservative and backward looking”, she says. President Moon Jae-in’s mandate for reform was strengthened by an absolute majority for the ruling Democratic Party in parli
Also in this section
25 April 2024
Carbon capture rates forecast to rise steadily from end of decade, but policy tools to drive large-scale deployment have yet to take shape, according to DNV
23 April 2024
Europe must unlock cross-border CO₂ trade if it wants to build a viable CCS sector for the long term
16 April 2024
US and European oil majors snap up smaller players and look to accelerate development in a region deemed to possess all the key elements for successful CCUS deployment
15 April 2024
Demand for credits seen rising 20% this year despite issues around integrity and standardisation