South Korea has been one of the hardest-hit country by Covid-19 and yet its reaction to the pandemic has been prompt and effective. Many are arguing that this was due to its previous experience fighting SARS in 2003. Although, South Korea effectiveness is not limited to crisis situations. In 2017, it began its transition to cleaner energy aiming to boost the share of renewables from about 6% to 20% by 2030, while scaling back coal and unpopular nuclear. Its planning and executing capability touches even environmental policies. If you are taking a stroll around Seoul, look up and you might see that something amazing is happening there. The Asian country aims to equip every public building and 1 million homes in the city with solar power by 2022. On top of that, the Korean Government is planning to build three hydrogen-powered cities by the same year. Currently, according to the World Economic Forum’s Energy Transition Index, the country ranks 48 out of 115 nations. However, with the revolution that is taking place in the country, it will most likely climb up the rank.
The fuel of the future?
Countries including Germany, Japan and China are also looking to hydrogen as an option for their future societies. Many Asian car manufacturers including Hyundai, Toyota and Honda are massively investing their resources into creating a range of hydrogen-powered cars. Globally, Governments all around the world, are investing around a 850 billions of euro annually in hydrogen R&D, McKinsey’s 2017 report says. However, much more investments are still required to reach scale production and lower costs.
Seoul takes the lead
Despite its exponential growth, it's still an emerging country which makes this project very ambitious.The city itself has already a solar street, with solar-powered lights, benches and even trash cans. Right now, Seoul counts already 160,000 homes equipped with solar panels. This is possible thanks to a rental scheme launched by the Government recently. Since launching these measures, Seoul has saved more than 100 metric tonnes of carbon dioxide emissions. The city wants to promote these smart energy plans even more by supporting entire districts to switch on renewables. Magok, a suburb of the Capital, for instance is benefitting of the deployment of solar panels becoming itself at least 30% energy self-sufficient. Another example could be found in the Gwanghwamun city square, where lights, benches and even trash bins are fully solar powered by 2020.
The COVID-19 effect
Even during this pandemic South Korea pursues its green strategy. Under a proposal made by a government working group tasked with helping shape its energy future, the country could speed up its shift toward renewable power, and away from coal and nuclear. Recently, the Ministry of Trade, Industry and Energy, has accepted a proposal to increase renewable sources to 40% of the country's power by 2034. The current plan aims to reach 20% by 2030.
As an answer to the GDP contraction all over the World due to the pandemic, Central Banks are printing out money and lowering interest rates to allow consumers and entrepreneurs to spend and keep the economy going. If this chance will be exploited wisely by all players on the field and a good part of this money will be used to make sustainable and green investments, we could have in the mid-term solid changes in terms of environment and suistanability.
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