Page 14 - AsiaElec Week 36 2021

AsiaElec NEWS IN BRIEF AsiaElec

19%, about 80% was used by Korea’s road a fully fleshed-out plan. For example, the talk understanding within 15 days,” a senior
transport, with rail hardly even registering, of green hydrogen fuel cell power generation government official told Dawn.
and marine and air picking up the difference. doesn’t sit credibly with expectations for He said it was important that when
For electricity generation, Korea relies on renewable energy by 2040 of only 35% of total Finance Minister Shaukat Tarin visits
coal and natural gas for almost three quarters electricity generation. Washington early next month for Oct 11-17
of its generation. A little oil (most of which is ING World Bank-IMF annual meetings, the
imported for use in oil product production Ministry of Finance and IMF staff are on the
(gasoline etc), with 23% of electricity same page regarding the revival of $6bn IMF
generation coming from nuclear, 1% TARIFFS programme currently in recess.
hydroelectricity and just 6% from renewables The official said the World Bank executive
and waste*. Pakistan to increase power board would separately be meeting in the last
The net result of this is that in 2019, Korea week of this month to approve three different
emitted about 650m tonnes of CO2, which is tariff from October programme loans, particularly the $400
less than the 1.1bn tons Japan emitted, though million energy sector loan. He said various
at about 12 tons per capita per annum, is The Pakistani government appears set to scenarios were discussed including the full
about 30% more per person in Korea than in increase the electricity tariff it had put on revival of tariff increase plan committed with
Japan*. hold in April as part of revised Circular the IMF and the subsequent challenges arising
Following its very limited “Green New Debt Managem ent Plan (CDMP) and efforts out of increasing size of fuel cost adjustments
Deal” announcement in May 2020, in to ensure continuous foreign inflows from (FCA), partly because of record high LNG
December 2020, the Korean government lending agencies – particularly the IMF, the prices, on a monthly basis.
announced that it would be joining the ranks World Bank and the Asian Development
of other countries aiming for a carbon neutral Bank.
future with the publication of the chunky yet The tariff increase along with CDMP is
unimaginatively titled “2050 Carbon Neutral expected to set into motion from Oct 1, but HYDROGEN
Strategy of the Republic of Korea – Towards has to be discussed in detail by the Economic
a sustainable and Green Society*”. This is Coordination Comm ittee (ECC) of the Sasol, UCT to utilise iron
the starting point for the assumed electricity Cabinet within a few days. The tariff increases
generating mix we use in our subsequent would be made through quarterly adjustments catalysts to convert
calculation and surcharges in a phased manner.
However, the 2050 strategy is extremely To shape up the exact size of tariff increase hydrogen into green jet fuel
thin on hard figures, builds in a substantial along with other measures to contain and
contribution from fossil fuels though offsets reduce circular debt, Finance Minister New research into the use of commercial
this with considerable reliance on carbon Shaukat Tarin, Energy Minister Hammad iron catalysts have found it could enable the
capture and storage. This might well enable Azhar, SAPM on Power and Petroleum conversion of unavoidable or biogenically
Korea to keep some reliance on coal-generated Tabish Gauhar and secretaries of finance and derived carbon dioxide and green hydrogen
electricity, given that its green technology power besides other senior officials of the two into green jet fuel.
options are perhaps more limited. divisions had a detailed discussions this week. In doing so, hydrogen could be directly
Nonetheless, we get the feeling that the “We want a final shape of the CDMP utilised in the affordable production of green
“2050 Carbon Neutral Strategy” should be shared with the IMF and the World Bank jet fuel that could help decarbonise the
considered more of a “work in progress” than by next weekend to have some sort of aviation industry.

P14 www. NEWSBASE .com Week 36 08•September•2021