South Korean decision to close all coal-fired power plants by 2040 sounds alarm for Australian exports

"The Australian government has been urged to prepare for a shift away from thermal coal exports and accelerate green industries after one of its main international customers signed up to close all coal-fired power plants by 2040. South Korea, Australia's third-biggest market for coal burned to generate electricity, announced at the Cop30 climate conference in Brazil that it was joining the powering past coal alliance, a group of about 60 nations and 120 sub-national governments, businesses and organisations committed to phasing out the fossil fuel."

"South Korea's minister of climate, energy and environment, Kim Sung-hwan, said it demonstrated the country's commitment to accelerating a just and clean energy transition. The north Asian country has the world's seventh-largest coal power fleet and is the world's fourth-largest thermal coal importer behind China, India and Japan, responsible for about 8% of global trade. Coal provides about 30% of its electricity."

"The shift from coal to clean power is not only essential for the climate. It will also help both the Republic of Korea and all other countries increase our energy security, boost the competitiveness of our businesses, and create thousands of jobs, Kim said in a statement. The pledge commits Korea to retiring 62 coal plants, 40 of which already have confirmed closure dates."

South Korea joined the Powering Past Coal Alliance at COP30, committing to close all coal-fired power plants by 2040 and retire 62 coal plants, 40 of which already have confirmed closure dates. The country has the world’s seventh-largest coal power fleet, is the fourth-largest thermal coal importer, accounts for about 8% of global thermal coal trade, and uses coal for about 30% of its electricity. Australia is estimated to sell about A$2.3bn of thermal coal to South Korea this year. Analysts and treasury modelling warn that fossil fuel export values are likely to fall substantially, prompting calls for Australia to accelerate green industries.

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