Issue Korea-Japan cooperation on LNG procurement and nuclear fuel supply security

Summary

Facing the grave tasks of responding to the climate crisis and strengthening energy security, the report sets out why Korea and Japan need to cooperate on energy and what that cooperation could look like. To overcome structural weaknesses in the natural gas market, the two could build joint purchasing and stockpiling systems that allow swaps in emergencies and respond jointly to the Alaska LNG project. In nuclear power they should seek to stabilize the fuel supply chain by cooperating to secure enriched uranium, since jointly strengthening enrichment capacity or diversifying fuel sources would reduce dependence on outside suppliers and geopolitical vulnerability. Such cooperation would include joint research facilities meeting international safety and non-proliferation standards, technology transfer agreements and collaboration with global partners. Proposed implementation strategies include a new regular high-level intergovernmental council, a joint investment and information-sharing platform for private firms, next-generation talent development and exchange, and links with ASEAN+3, APEC and other frameworks.