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Moon's election may jolt coal exporters
South Korea is Asia’s fourth-largest economy and the fourth-largest importer of coal globally, accounting for over 10 percent of world thermal coal import demand.
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South Korea is Asia’s fourth-largest economy and the fourth-largest importer of coal globally, accounting for over 10 percent of world thermal coal import demand. (Greenpeace/-)
M
oon Jae-in’s recent election as president of South Korea not only heralds a new dawn for the country, but his pledges on energy policy may well have serious ramifications beyond its borders, not least for Indonesia’s coal exporters.
Faced with growing unrest from an urban population choking in high levels of air pollution, Moon has promised to re-assess the construction of new coal power plants, close older ones and dramatically ramp up the renewable energy target.
Effectively, his pledges would halve the long-term growth rate for thermal coal imports at a stroke.
This is important because South Korea is Asia’s fourth-largest economy and the fourth-largest importer of coal globally, accounting for over 10 percent of world thermal coal import demand.
