Whack-A-Mole: Will South Korea’s coal power transition be undermined by overcompensated gas?
Korea needs to phase-out unabated gas by 2050 in a Paris-aligned scenario or potentially risk $60 billion in stranded assets. As much as 13.7 GW of coal capacity may be retired between now and 2034 and risks being replaced with gas power. If these replacements take place as proposed, there is an increased risk the South Korean government will compromise its ability to meet the temperature goal in the Paris Agreement. This reality also conflicts with the Korea’s ruling Democratic Party plan to achieve net-zero carbon dioxide emissions by 2050.