Korea’s power usage could grow by 5.9% amid decarbonization

South Korea’s power spending could increase by 5.9 percent per year through 2050, the year the country aims to achieve carbon neutrality, according to a new study.

The findings, released in a report from the Korea Chamber of Commerce and Industry (KCCI) on Monday, were based on an examination of 300 manufacturing companies.

The projected growth in electricity consumption is about 2.6 times higher than the recent five-year average of 2.2 percent. The surge is attributed to the ongoing shift from fossil fuels to electricity in industries such as factories, automobiles, and heating systems, as part of efforts to reduce carbon emissions.