Diversification of Korean Energy Supply Sources and Transition to a Low-carbon Society: Energy Security in Terms of Availability and Acceptability

In a fight against global warming and climate change, it appears crucial to reduce the share of conventional fossil fuels in a typical energy mix of polluting enterprises. This paper analyses the current status of Korea’s energy sector from the energy security perspective and aims to suggest possible solutions and alternative policies related to the energy-related issues that may arise in the energy-using sectors. Our major findings include: 1) the necessity of provisional fuels such as natural gas in a transition period from the fossil fuels to renewable sources of energy 2) the existence of excessive energy dependency of South Korea on a single region, i.e. the Middle East 3) the existence of potential alternative energy supplying regions that would help diversify energy supply options for Korea. The extent of Korea’s energy security is evaluated in terms of availability (quantity) and acceptability (quality) of energy reserves in the domestic economy. We hope that the results of this study will be useful for the energy research institutions, government energy agencies responsible for energy management, as well as for the academics and experts in the energy area.