SEOUL – South Korea’s presidential front-runner Lee Jae-myung has pledged to keep nuclear power “for the time being,” but plans a long-term shift to renewables if elected June 3 – a stance that could undermine the nation’s atomic energy expansion plans at home and abroad.
Lee, a member of the opposition Democratic Party, unveiled an “energy expressway” policy framework that relies on renewables, like offshore wind, to supply industrial hubs.
His strategy calls for phasing out coal by 2040, curbing consumption of natural gas, and forming a ministry tasked with meeting South Korea’s 2050 net-zero goal.
Lee supports extending the life of existing nuclear plants, but opposes new reactors, citing land constraints and waste management issues.
“Nuclear power is inherently dangerous and there are sustainability issues,” Lee said in a May 18 debate. “Let’s utilise it, but not too much. And we should transition to renewable energy.”
At stake is South Korea’s pro-nuclear policy enacted by impeached former President Yoon Suk Yeol, who doubled down on atomic power as a long-term means to boost energy security and curb emissions.
Yoon also sought to accelerate the export of Korea’s nuclear technology in a bid to supercharge its industries.
Mr Kim Moon-soo, the nominee for the conservative People Power Party and Lee’s main rival, had previously vowed to eventually raise nuclear’s share to 60 per cent of the mix – up from about 32 per cent in 2024 – but later walked it back after criticism.
Mr Kim currently supports the addition of six new reactors, a policy that mirrors Yoon’s.
Mr Kim also promised greater support for offshore wind, hydro and other renewables, but highlighted that any such programmes should benefit local firms and be balanced with atomic power.
South Korea’s latest energy blueprint aims for nuclear to make up 35 per cent of the power mix by 2038, with renewables at 29 per cent.
If elected, Lee is expected to focus on renewables, potentially aiming to lift the energy source to more than 30 per cent of the power mix by 2030, according to Mr Han Byung-Hwa, an analyst at Eugene Investment & Securities.
Meanwhile, Mr Kim is likely to retain the current push for nuclear power, said Mr Han.
Both Lee and Mr Kim support the development and export of small modular nuclear reactors.
Lee is pushing for more profitability in foreign deals, after criticism that Korea’s overseas contracts are underpriced.
Still, potentially higher power requirements from the AI boom means that nuclear’s current role in the electricity mix likely won’t change too drastically in the short term.
“One of the hurdles to entering the AI era is power,” said Mr Jaeseung Kim, an analyst at Hyundai Motor Securities. “Whoever wins will have no choice but to accept and use nuclear power for the time being.” BLOOMBERG
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