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.
Highlights
We present a short assessment of renewable energy and critical raw materials to show the interdependence between circular economy and resource security
It was observed that circular economy and resource security should not be treated as distinct areas, and, instead, both concepts should be considered together to manage critical raw materials and minerals
Securing a stable and sustainable supply of critical raw materials is crucial for resource security
Summary
Improved Circular Economy and Resource Security in South Korea. Sustainability 2021, 13, 17. https://dx. We face global challenges concerning climate change, resource scarcity, the security of raw materials, population growth, and increasing consumption, all of which are burdening the sustainable development of the Earth [1]. Korea experiences industry transformation [9] in response to technological developments such as autonomous driving, 3D printing, drones, and renewable energy, which are often described as Industry 4.0 (or the 4th industrial revolution) [10] In response to these challenges and concerns, Korea is moving towards a sustainable circular economy, thereby achieving greater resource security. We present a short assessment of renewable energy and critical raw materials to show the interdependence between circular economy and resource security. Overview of Current Status of Korea’s Critical Mineral Resources and Challenges
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