South Korea’s greenhouse gas emissions declined by 7.3% in 2020
South Korea’s greenhouse gas (GHG) emissions declined by 7.3% in 2020 to 649 MtCO2eq (i.e. -10.9% compared with the 2018 peak of 729 MtCO2eq). GHG emissions have been driven down by South Korea's energy and industrial sectors (-7.8% and -7.1%, respectively). In the power sector, total emissions decreased by 12.4% due to temporary shutdowns of coal-fired power plants resulting in lower coal-fired power generation and due to an increased renewable power generation. Emissions from the transport sector (included in the energy sector) contracted by 4.1%, owing to reduced travel (COVID-19-related restrictions) and the continuous deployment of low-emission vehicles. Residential emissions grew by only 0.3%, while emissions from business and public sectors fell by 9.9%. In the industrial sector (-7.1%), the reduced activity affected the energy-intensive branches such as chemicals (7.6% drop in GHG emissions), steel (-2.5%) and cement (-8.9%).
Due to the drop in emissions, the South Korean emission trading scheme (ETS) is over-supplied, and the authorities set a temporary price floor for allowances, as the price fell below the government's minimum threshold. However, the average price for allowances increased from KRW29,500/tCO2 (US$25.2/tCO2) in 2019 to KRW30,200/tCO2 (US$25.4/tCO2) in 2020.
Then Global Energy Market Data & CO2 is your database! We provide world coverage of the oil, gas, coal, and power markets and a detailed overview of national supply & demand with annual data going back to 1970.
This energy database leverages more than 200 official data sources, which are processed by our analysts to provide fully harmonised data sets that are updated monthly.