Role of biomass as low-carbon energy source in the era of net zero emissions

Since the Renewable Portfolio Standards (RPS) policy was introduced in 2012, the use of biomass and its import has significantly increased in the power generation sector of Korea. Currently, biofuel-fired electricity production is fifty-fold compared to before the implementation of the RPS. However, the rapid growth of bioenergy at the initial stage of the RPS and institutional changes for equity with other renewable energy industries brought about significant changes in the bioenergy market and related industries in a short period. For example, the effect of the policy amendment to reduce dependence on foreign bioenergy and expand the use of domestic biomass had an immediate effect on the market. As a result, the imported biomass and bio-SRF began to shrink, and these markets had -1 % and -36 % CAGR between 2018 and 2020, respectively. Meanwhile, the policy contributes to revitalizing the domestic bioenergy industry, and it is predicted that the domestic biomass utilization will be more than 6 million tons in 2050. This paper reports the impact of changes in Korea's bioenergy policy on the power generation sector over the past ten years. When carbon neutrality is essential in all energy fields, the result can be a good reference for establishing bioenergy policies.

Automated summary

Since the introduction of the Renewable Portfolio Standards (RPS) policy in 2012, the use of biomass in the power generation sector of Korea has significantly increased, with policy revisions bringing about significant changes in the bioenergy market and related industries.