The Gyeongsan Substation – Battery Energy Storage System is a 48,000kW lithium-ion battery energy storage project located in Jillyang-eup, North Gyeongsang, South Korea. The rated storage capacity of the project is 12,000kWh.
The Nongong Substation Energy Storage System is a 36,000kW lithium-ion battery energy storage project located in Dalsung, Daegu, South Korea. The rated storage capacity of the project is 9,000kWh.
The Ulsan Substation Energy Storage System is a 32,000kW lithium-ion battery energy storage project located in Namgu, Ulsan, South Korea. The rated storage capacity of the project is 8,000kWh.
The West-Ansung (Seo-Anseong) Substation ESS Pilot Project-Battery Energy Storage System is a 28,000kW lithium-ion battery energy storage project located in Anseong-si, Gyeonggi, South Korea. The rated storage capacity of the project is 7,000kWh.
The Uiryeong Substation – BESS is a 24,000kW lithium-ion battery energy storage project located in Daeui-Myoen, Uiryeong-Gun, South Gyeongsang, South Korea. The rated storage capacity of the project is 8,000kWh.
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Seoul, October 31, 2024 – It''s still possible for South Korea to get on track for net-zero emissions by 2050 and help limit global warming to well below 2C. Doing so rests on a rapid scale-up of clean electricity and carbon capture and storage capabilities, according to a report published today by BloombergNEF.
The power sector is the country''s biggest source of emissions. Based on the findings of New Energy Outlook: South Korea, in order to be on track with a net-zero-by-2050 pathway, emissions from electricity generation need to drop by more than two-thirds by the end of this decade.
South Korea''s Nationally Determined Contribution – its plan to help achieve the goals of the Paris Agreement – aims for emissions to fall by 40% by 2030, relative to 2018 levels. This is less ambitious than the 50% cut envisaged by BNEF''s Net Zero Scenario. Should the country''s energy transition proceed along an economics-driven trajectory – what BNEF calls its Economic Transition Scenario – there would only be an 18% decline over this period.
"South Korea still has a chance to meet its 2030 emissions reduction target,” said David Kang, BNEF''s Head of Japan and Korea Research. "In order to do so, the country needs to accelerate the deployment of renewables and electric vehicles, while laying the groundwork to reduce emissions from hard-to-abate sectors over the next five-years."
Carbon capture and storage does the heavy lifting for emissions reduction in South Korea in the Net Zero Scenario, accounting for 41% of abatement by 2050 versus a ''no transition'' pathway. That''s much higher than the 14% seen at the global level. Clean power from renewables and nuclear comes in second place, responsible for 17% of the country''s emissions savings by mid-century – far below the 45% share in abating global emissions.
"The high share of abatement for carbon capture and storage highlights South Korea''s geographical challenges", said Seohee Song, an analyst in BNEF''s Energy Economics Team and the lead author of the report. "Finding suitable land for large-scale renewable energy projects is becoming increasingly challenging in the country, putting upward pressure on the cost of solar and wind, thus creating more need for carbon capture and storage to fully decarbonize power and industry."
Reaching net zero would still require South Korea to accelerate deployment of solar and wind to reach 304 gigawatts of capacity by 2050, a 10-fold increase from today. In addition, almost a third of the country''s 73 gigawatts of fossil-fuel-driven power plants would need to be equipped with carbon capture by the end of this decade. Right now, no power plants in South Korea are fitted with carbon capture technology.
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