(EDITORIAL from Korea Times on July 18)

End fossil fuel gamble Prioritize development of renewable energy resources On June 3, President Yoon Suk Yeol announced the discovery of up to 14 billion barrels of oil and gas reserves in the deep waters of the East Sea, off the coast of Pohang. This revelation was likely intended to elicit public support, given Korea's heavy reliance on energy imports. However, the announcement has been met with a range of concerns. First, questions have arisen regarding the credibility of the company that confirmed the deposits and whether thorough cross-verifications were conducted before the announcement. A Gallup Korea survey of 1,000 adults conducted from June 11-14 revealed that only 28 percent of respondents trusted the announcement, while 60 percent did not. There is also significant criticism about the logic of developing new oil and gas fields in an era marked by a climate crisis. The economic viability of such developments is also under scrutiny. Plan1.5, a nonprofit organization focused on climate and energ y advocacy, estimates that the greenhouse gas (GHG) emissions from utilizing the government's claimed reserves could amount to around 4.8 billion tons. This figure is more than seven times Korea's total annual GHG emissions in 2022. Furthermore, the government's plan to allow fossil fuel extraction beyond 2060 contradicts the 2050 carbon neutrality target established in the Framework Act on Carbon Neutrality and Green Growth. The International Energy Agency (IEA), in its 2024 report "The Oil and Gas Industry in Net Zero Transitions," also projected that global oil and gas demand will decrease by about 75 percent from 2022 to 2050 to achieve carbon neutrality. Consequently, the IEA expects oil and gas prices to significantly fall, implying that the Pohang oil and gas field project could become an uneconomic stranded asset even if developed as announced. In the context of a global climate crisis, new fossil fuel infrastructure projects require cautious consideration. Recent developments underscore this need. On July 15, 2024, Korea Midland Power (KOMIPO) officially withdrew from the Boryeong LNG terminal construction project after a feasibility analysis, prompted by civil society, revealed that the project would likely become a stranded asset, threatening the public company's financial health. This follows similar cancellations by Korea South-East Power (KOEN) in November 2023 and Korea Southern Power (KOSPO) in March 2024. All these decisions showed that Korean power companies started to realize that new LNG investments are not only detrimental to global climate but also no longer economically viable. Additionally, on July 11, the U.K. Supreme Court ruled that Surrey County Council's permit to expand oil production near Gatwick Airport was unlawful. The project faced legal challenges from local residents who argued that it would increase GHG emissions and exacerbate the climate crisis. The court ruled that an environmental impact assessment (EIA) must consider not only the emissions from the oil development it self (scope 1 and 2) but also the emissions from the combustion of the oil produced (scope 3). In Korea, four climate litigation cases have been filed in the Constitutional Court, with two public hearings held on April 23 and May 21. These cases echo global climate litigation efforts in countries like the Netherlands, Germany, and Switzerland, challenging insufficient government climate policies. As a major GHG emitter, Korea's climate litigation is attracting global attention, marking the first such case in Asia. On July 16, there were two news reports related to the different names of whale in relation to the climate crisis. On July 16, the Korea National Oil Corporation named the first exploratory drilling site for the Pohang oil and gas reserves "Blue Whale." In contrast, three floating offshore wind farms off the coast of Ulsan, named Gray Whale, Firefly, and Haewoori, passed their EIAs. Unlike fixed ones, floating offshore wind technology is still emerging and is expected to be fully commercialized b y 2030. Korea, with the world's largest floating offshore wind farm plan, has immense potential due to its geographical advantages and key industries in shipbuilding, steel, tower, and cable for the offshore wind development. Reflecting on history, President Park Chung-hee, at the inaugural ceremony of Korea's first nuclear reactor, Kori-1, on July 20, 1978, emphasized the need to be more active in R and D for renewable energy sources such as solar, tidal, and wind power. Now, in 2024, facing a dire global climate crisis, rapid transition to a decarbonized socio-economic system, especially energy transition from fossil fuels to renewable energy, is the key to success. As 12-year-old Han Je-ah stated at the Constitutional Court on May 21, "If we put off until later what we can do now, our future will be like a drowning ship." Korea must prioritize the development of renewable energy sources, such as offshore wind and solar, to mitigate the climate crisis and build a sustainable socio-economic system. The f uture of our planet and our economy depends on decisive action today. Source: Yonhap News Agency