[One Month Until Presidential Election D-2 - Transportation & Energy] Funding Sources Unclear... Lee's 'Nuclear Reduction' vs. Yoon's 'Pro-Nuclear' Perspective Differences

GTX Pledges, Railway Undergrounding Similar Between Lee and Yoon
Proliferation of Pledges with Unclear Funding Sources
Sharp Differences in Energy Pledges on ‘Nuclear Power’

[Asia Economy Reporter Koo Chae-eun] When examining the transportation pledges put forward by the presidential candidates from both ruling and opposition parties, there are many similarities in content, differing mainly in scale. The two leading candidates, Lee Jae-myung of the Democratic Party of Korea and Yoon Seok-youl of the People Power Party, both pledged to expand the Metropolitan Express Railway (GTX) and to underground railroads. However, their energy pledges sharply diverge, especially regarding nuclear power.

Candidate Lee Jae-myung and Sim Sang-jung of the Justice Party share a stance favoring nuclear power reduction, while candidate Yoon advocates for a full reconsideration of the nuclear phase-out policy. In terms of developing Small Modular Reactors (SMR) and fostering nuclear technology, Yoon and Ahn Cheol-soo’s energy pledges are quite similar. Accordingly, the energy policy landscape is shaped as ‘Lee Jae-myung & Sim Sang-jung vs. Yoon Seok-youl & Ahn Cheol-soo.’ Experts expressed concerns about the lack of differentiation in transportation pledges and their populist nature, raising questions about funding. They also noted that energy policies have many aspects that require careful consideration.

‘GTX Expansion’ Identical for Lee and Yoon

Both candidates Lee and Yoon pledged to establish new GTX lines in the Seoul metropolitan area. Lee plans to extend the existing government-promoted GTX A, C, and D lines (GTX Plus lines) and to introduce new E and F lines. Under this project, the GTX A line will be extended from Dongtan to Pyeongtaek, and the C line will be extended north to Dongducheon and south to Osan and Pyeongtaek. Yoon also expressed intentions to extend the existing A and C lines.

Additionally, Lee intends to extend the currently planned D line from Gimpo to Bucheon further through Seoul’s Gangnam district to Hanam. Yoon, separately from the Gangnam-Hanam extension, announced a pledge to add a line connecting Gangnam to Yeoju via Gwangju and Icheon. Lee also pledged to gradually underground the above-ground sections of the Gyeongui and Jungang lines and to build an undersea tunnel connecting Jeju Island. Yoon promised to underground urban railroads and highways to supply housing and to establish a second port in Jeju. Candidate Ahn announced transportation pledges focusing on expanding networks for the Busan-Ulsan-Gyeongnam mega-city and fostering Daejeon as a ‘science city.’ Candidate Sim pledged to expand free public transportation for children and adolescents.

However, experts pointed out that many transportation pledges, which require significant funding, tend to be ‘populist pledges’ recurring every election cycle, often reflecting local governments’ long-standing projects superficially included. They described these as recycled pledges aimed at winning local votes, amounting to little more than rosy hopes.

Another issue is that most pledges remain at a theoretical level without concrete plans for funding sources. Seo Jin-hyung, president of the Korea Real Estate Society, criticized, “Since GTX projects involve public funds, they should undergo preliminary feasibility studies, but there has been no such discussion.” He added, “If leading presidential candidates commonly pledge to expand GTX lines, it is highly likely that real estate speculation will increase.” Political commentator Lee Jong-hoon said, “The transportation pledges of candidates Lee and Yoon are practically the same, showing almost no policy differentiation, and this can be seen as a convergence of pledges aimed at capturing regional votes.”

Lee & Sim vs. Yoon & Ahn... Clear Divide on Nuclear Policy

There is a clear distinction among candidates regarding energy-related pledges, especially on nuclear power policy. Candidates Lee and Sim emphasize nuclear power reduction and focus on fostering the renewable energy industry, whereas candidates Yoon and Ahn have consistently criticized the Moon Jae-in administration’s ‘nuclear phase-out policy’ and structured their pledges accordingly.

Last month, Lee proposed an energy transition centered on renewable energy as a new economic vision task. He plans to improve the energy industry structure focusing on solar and wind power and to use this as a growth engine for the economy. He also pledged to achieve carbon neutrality by 2040, ten years earlier than the current government’s target. In contrast, Yoon pledged to immediately resume construction of Shin Hanul Units 3 and 4, create 100,000 jobs through nuclear power exports, and support the development of Small Modular Reactors (SMR). His emphasis on a mix of nuclear and renewable energy is largely similar to Ahn’s pledges.

Experts agree that because the candidates’ positions on ‘nuclear power’ policy are so sharply divided, a presidential debate on energy policy is essential. Since the government’s nuclear policy framework will change depending on who is elected, voters need clear information on related policies to make informed choices. Professor Park Sang-byeong of Inha University’s Graduate School of Public Policy said, “Candidate Yoon is fundamentally opposed to nuclear phase-out, effectively forming an anti-Moon coalition and making this his policy foundation, while candidate Lee has consistently maintained a policy stance that complements nuclear phase-out. Because their positions are so polarized, clear policy-based debates and verification of pledges are necessary.”