Towards Improved Circular Economy and Resource Security in South Korea

Kyounga Lee and Jongmun Cha
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Kyounga Lee: Faculty of Law, Saarland University, 66123 Saarbrücken, Germany
Jongmun Cha: Department of Energy and Mineral Resources Engineering, Dong-A University, Busan 49315, Korea

Sustainability, 2020, vol. 13, issue 1, 1-14

Abstract: This study explores the importance of critical raw materials and minerals by analyzing the Republic of Korea’s recent circular economy and resource security policy. Raw materials and rare metals are becoming increasingly significant to the Korean economy because the country is currently shifting away from fossil fuels and nuclear power towards renewable energy resources as well as transforming its industries towards decarbonization, digitization, and automation. Korea is a resource-poor country and is heavily dependent on imported minerals and rare earths, which are essential for its economy and new industry. Responding to these challenges and concerns, Korea is moving towards a sustainable circular economy and achieving greater resource security. Despite certain limitations, this transition would ultimately contribute in preparing Korea for current and future challenges in the areas of critical raw materials and minerals.

Keywords: circular economy; critical raw material; critical mineral; resource security (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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