KETEP 세계에너지시장정보

Acknowledgements ................................................................................................................. 3 

Executive summary ................................................................................................................. 7 

Introduction .......................................................................................................................... 11 

1. The context .................................................................................................................... 13 
 1.1   Trends in coal use, production and emissions ............................................... 14 
  1.1.1 Historical trends ................................................................................ 14 
  1.1.2 Outlook .............................................................................................. 16 
 1.2   Coal phase-out targets ................................................................................... 19 
 1.3   Coal dependence ............................................................................................ 23 

2. Managing the transition to low-emissions power ................................... 27 
 2.1 Policy approaches .......................................................................................... 28 
 2.2 Scaling up alternative low-emissions power sources .................................... 29 
 2.3 Tackling emissions from existing coal plants ................................................. 31 
  2.3.1 Repurposing for flexibility .................................................................. 32 
  2.3.2 Retrofitting with CCUS ....................................................................... 34 
  2.3.3 Co-firing with clean fuels ................................................................... 36 
  2.3.4 Retiring plants and converting sites .................................................. 38 
 2.4 Ensuring electricity security........................................................................... 40 

3. Financing the shift away from coal ........................................................... 43 
 3.1 Investment needs .......................................................................................... 44 
  3.1.1 Clean power sector investment ......................................................... 44 
  3.1.2 Unrecovered capital risks for coal plants........................................... 45 
 3.2 Sources and types of finance ......................................................................... 47 
 3.3 Policies to restrict financing of coal plants .................................................... 48 
 3.4 Policies to bring forward the retirement of coal plants ................................ 51 
  3.4.1 Nationalise or buy out plants ............................................................ 52 
  3.4.2 Monetise emissions reductions through carbon pricing ................... 53 
  3.4.3 Organise auctions .............................................................................. 54 
  3.4.4 Customer-backed securitisation ........................................................ 54 
  3.4.5 Sustainability-linked bonds ................................................................ 55 
  3.4.6 Accelerated depreciation .................................................................. 56 
  3.4.7 Concessional debt and refinancing .................................................... 56 

4. Policies for people-centred and just transitions .................................................. 57 
 4.1 Developing a framework for applying best practices .................................... 58 
 4.2 Addressing shifts in employment .................................................................. 60 
  4.2.1 Current and projected jobs ................................................................ 60 
  4.2.2 Labour policy measures ..................................................................... 62 
  4.2.3 Support for economic diversification ................................................ 66 
 4.3 Making electricity affordable ........................................................................ 67  
  4.3.1 Cost of supply .................................................................................... 67 
  4.3.2 Impact on affordability for consumers .............................................. 68 

Annexes 
 Annex A. Definitions .............................................................................................................. 71 
 Annex C. References ............................................................................................................. 91