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Issue Report

Collection of full-length papers and in-depth analysis of economic and management issues.

Evaluation and Implication for the Validity of Korean-Type Biofuels

Evaluation and Implication for the Validity of Korean-Type Biofuels

KANG Hee-Chan

Jan. 12, 2007

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Korea's growing appetite for energy, coupled with limited domestic energy supplies, has led to many negative consequences including uneasiness over energy security and inability to reduce greenhouse gas emissions.

On the back of tightening oil supplies due to mounting political woes in oil-rich countries, international oil prices have risen rapidly. In addition, many countries will have to cut greenhouses gas emissions due to quotas established in the Kyoto Protocol.

New and recyclable energies could kill two birds with one stone by stabilizing energy supply and reducing greenhouse gas emissions.

The transportation sector is the largest component of national energy demand, accounting for 23.5% of the nation's total energy consumption in 2004. The proportion of the sector in the nation's total energy consumption has been steadily growing, especially with the number of large vehicles and SUVs increasing.

Biofuels are catching on as an alternative to fossil fuels that have exacerbated air pollution and greenhouse gas problems. Biofuels are recyclable, without causing disruptions in existing fossil fuel-base economy.

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