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Korea 2020
… in 2018, emissions were 709 Mt CO2-eq.Reaching these ambitious targets will require Korea to substantially enhance decarbonisation efforts across all energy sectors, address regulatory and institutional barriers, introduce flexible market designs, and make use of the country’s advanced technologies and innovative capacity. The government’s announcement of a Green New Deal in July 2020 as part of its post Covid‑19 recovery package is a significant step towards accelerating Korea’s energy transition. Korea’s energy transition and the Green New Deal In its 3rd Energy Master Plan (EMP), the government has confirmed its intention to gradually phase-out nuclear…
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Korea's legislation on oil security
…Substitute Fuel Business Act (PAPSA) and the 2016 Energy Act (EA). Together both acts provide the legal framework for Korea’s oil emergency response. Circumstances triggering operation of the emergency response system The PAPSA provides for two levels of emergency measures. The first level is triggered when the uninterrupted supply of oil and the satisfaction of Korea’s oil demand is threatened by events in Korea or abroad or when disturbances in the oil market threaten Korea’s public order or national economy (article 21(1) PAPSA).An aggravated energy emergency exists when the uninterrupted oil supply is threatened in…