Korean imports of Australian coal have dived and the outlook is not positive
Australian thermal coal exports to South Korea were down 21 per cent in the first quarter of 2020 and there are signs that this will be a continuing trend.
The recently elected South Korean government came to power pledging to reach net zero emissions by 2050, end financing of overseas coal plants, and introduce a carbon tax.
It has now just unveiled a $US62bn “New Deal” that consists of a “Digital New Deal” and the first stages of its “Green New Deal”.
While Reuters reported critics as saying that the plans appear to focus on protecting jobs rather than addressing President Moon Jae-in’s pledge to slash emissions, parliamentarian Lee So-young says lawmakers are drafting more detailed laws to boost the economy and society in more sustainable ways…Full Story