South Korea announces bold energy plan; US should be embarrassed

Author: Jared Fallon

On August 27 South Korea’s President Lee Myung Bak announced a bold plan to “significantly reduce the nation’s dependency on fossil fuels” and at the minimum, quadruple the use of renewable energy by the year 2030. In this paradigm shift, South Korea’s plans include increasing the use of renewable energy sources by an average of 38 times the current level, the construction of 10 new nuclear power plants, a massive increase in the nation’s oil self-sufficiency, a boost in the development and production of fuel-cell cars, and improved energy efficiency grading systems for both the public and private sectors. Specific highlights of the new program include increases in:

- The amount of solar energy use by 44 times above the current level, biofuels by 19, and geothermal power by 51

- The nation’s self-sufficiency in oil and gas from 4.2 to 40 percent

- The amount of nuclear power used from the current 15 percent to 28 percent of the total expected energy consumption by the year 2030

In addition to the obvious benefits achieved by achieving significantly greater energy independence, the South Korean government expects the renewable and alternative energy sector to see the creation of 950,00 new jobs by the target date.

How does the US measure up?

While the current energy policy plans outlined by Congress are not even close to being temerarious enough, several legislatures as of late have been quite active in proposing legislation. Even though the current proposals do not rival South Korea’s most current policy in intensity, if such bills are indeed passed they would help form large waves of change in America, helping to pave the road to a more grounded energy policy. One such bill, S.3044, aims to provide energy price relief and hold oil companies and other entities accountable for their actions with regard to high energy prices. The bill is being sponsored by one of the most highly rated legislators (Harry Reid; D-NV) and is currently cosponsored by 23 other state senators.

Other pending bills of interest include H.R.6545 – a bill that would require the Director of National Intelligence to conduct a national intelligence assessment on national security and energy security issues and Norm Coleman’s (R-MN) S.3126 – a bill that would encourage the development of alternative energy sources.

Whether or not such bills are passed, it is irrefutable that the US does need a renewed sense of passion – a desire to achieve groundbreaking milestones of entrepreneurship, innovation, and excitement in regards to energy policies. As of late, amidst all of the increasing complaints of rising oil prices, politicians have pulled the “green card”- utilizing alternative and renewable energy topics at the forefront of their platforms. Will these long winded speeches ever equate to policies with substantial reforms? They need to, and they need to quickly if we are to have any hope for keeping up with other countries’ developments in the energy sector.