Economic effects of the liquid biofuel industry in South Korea using input–output analysis

Abstract

Bio-energy is a research field that is of worldwide interest. South Korea, which imports all of its heavy fuel oil for consumption, passed a new law allowing bio-heavy oil made from animal fat, by-product of biodiesel processes, palm oil, and other leftover oil to be used to generate electricity in place of heavy fuel oil. As there is lack of policy research with respect to liquid biofuels, the purpose of this study is to define the bio-heavy oil industry in South Korea and to investigate the economic effects of bio-heavy oil. An input–output analysis model was used and demonstrated that the production-, value-added-, import-, and employment-induced effects of the bio-heavy oil industry were larger than those induced by the heavy fuel oil industry. As the import of fuel by the heavy fuel oil industry was greater than the bio-heavy oil industry, the import substitution effect of the bio-heavy oil industry was found to be greater. This resulted in a positive value for the net-induced effect of the bio-heavy oil industry. When considering the global concern with respect to the development and expansion of biofuel feedstock, this study shows the possibility of transforming heavy fuel oil plants distributed around the world into renewable energy sources.

Nexus between Issue of Environmental Pollution and the Urban Population: Evidence of Economic Growth in Indonesia

“…One of the efforts to reduce the increase in gas emissions is implementing a policy on biofuels (Khatun et al, 2017;Seo et al, 2019). Thus, the industrialization of biodiesel can develop a green economy and is a positive response to energy conservation and emission reduction policies.…”

Combustion properties and pollutant analysis of coal-blended bio-heavy oil fuel

“…28 It mainly comprises high-boiling alcohols, ketones, esters, and ethers of O 1 -O 12 with a sulfur content less than 0.05%. 29,30 This accounts for the favorable fuel properties of bio-heavy oil, which has been reported to possess a high caloric value for combustion, even exceeding that of coal. 31 Therefore, the use of bio-heavy oil as fuel blended with coal not only helps reduce the CO 2 , SO x , and NO x emissions generated during the combustion process but also increases the combustion caloric value of the fuel, reduces the ash content, and improves the combustion characteristics of the fuel.…”