Government Firmly Commits to 'Carbon Neutrality by 2050'... "Follow-up Measures to Be Announced Next Year"

Held Inter-Ministerial Meeting to Discuss Carbon Neutrality Policy Tasks and Schedule
Ministry of Environment Sets Basic Direction for Carbon Neutrality... "Electrification of All Sectors"
Public Hearing on LEDS Scheduled at National Assembly on 19th, to be Submitted to UN

Low-Carbon Power Generation Strategy Related Inter-Ministerial Meeting
Photo by Yonhap News

[Asia Economy Reporter Kim Bo-kyung] The government is solidifying its commitment to achieving carbon neutrality (net zero) by 2050.

It reaffirmed its intention to present the 'Long-term Low Carbon Development Strategy (LEDS)' containing the 2050 carbon neutrality plan to the international community within this year and announced plans to expand the use of electricity and hydrogen across all sectors including industry, transportation, and buildings.

On the morning of the 3rd, Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki held a meeting of relevant ministers (Green Room Meeting) at the Government Seoul Office to discuss the establishment of the LEDS government plan.

Attendees included Deputy Prime Minister Hong, Minister of Trade, Industry and Energy Sung Yun-mo, Minister of Environment Cho Myung-rae, Director of the Office for Government Policy Coordination Koo Yoon-chul, Vice Minister of Land, Infrastructure and Transport Son Myung-soo, Senior Presidential Secretary for Economic Affairs Lee Ho-seung, and Senior Presidential Secretary for Social Affairs Yoon Chang-ryeol.

The participants discussed policy tasks related to carbon neutrality and future schedules, agreeing to closely cooperate to ensure the timely submission of the LEDS by the end of this year.

It was reported that there are no major disagreements among ministries regarding the 2050 carbon neutrality direction recently declared by President Moon Jae-in.

[Image source=Yonhap News]

This Year, 'Long-term Low Carbon Development Strategy' to be Submitted to the UN... Commitment to the International Community

The Intergovernmental Panel on Climate Change (IPCC), under the United Nations, adopted the 'Special Report on Global Warming of 1.5°C' unanimously by 195 member countries at the general assembly held in Songdo, Incheon in 2018.

The report states that to limit the global average temperature rise to 1.5 degrees Celsius, carbon neutrality must be achieved globally by 2050.

Carbon neutrality means that the amount of greenhouse gases removed and absorbed from the atmosphere offsets the amount emitted, resulting in net zero emissions. Greenhouse gas absorption is achieved through natural and ecological functions such as forests, tidal flats, and wetlands, while greenhouse gas removal is possible through carbon capture, utilization, and storage (CCUS) technology.

Since the report's release, 2050 carbon neutrality has emerged as a key agenda in the international community. Furthermore, under the 2015 Paris Agreement, all parties including South Korea are required to submit their LEDS to the UN within this year.

The European Union (EU) announced its 2050 carbon neutrality goal through the Green Deal last year, and recently China declared a 2060 target, while Japan aims for 2050 carbon neutrality.

[Image source=Yonhap News]

Ministry of Environment Announces Basic Direction for Carbon Neutrality: "Aiming for Clean Electricity and Hydrogen"

The Ministry of Environment explained the 'International Trends and Basic Direction for 2050 Carbon Neutrality' on the same day.

An official from the Ministry of Environment stated regarding the U.S. presidential election trends, "Democratic presidential candidate Joe Biden announced pledges for 2050 carbon neutrality and decarbonization of the power sector by 2035."

In South Korea, after 80 metropolitan and local governments declared 2050 carbon neutrality in July, the National Assembly also passed a climate crisis resolution aiming for 2050 carbon neutrality with bipartisan agreement.

The Ministry of Environment set five basic directions related to carbon neutrality as follows.

First, expand the use of cleanly produced electricity and hydrogen energy across all sectors including industry, transportation, and buildings. The strategy is to utilize electricity and hydrogen instead of fossil fuels, internal combustion engine vehicles, and city gas.

The Ministry said, "We aim to 'electrify' as many sectors as possible," adding, "We are targeting electricity and hydrogen produced in a clean way that does not generate pollution or contamination."

Second, innovatively improve energy efficiency by linking with digital technology. Examples include smart green industrial complexes, green remodeling, zero-energy buildings, and LED lighting.

Third, promote the development and commercialization of decarbonization technologies. Plans include expanding future decarbonization technologies such as eco-friendly hydrogen reduction steelmaking instead of conventional carbon reduction steelmaking, innovative materials, high-efficiency and low-cost green energy, and CCUS.

Fourth, promote sustainable industrial innovation through a circular economy that reduces energy input and increases recycling and reuse.

Fifth, strengthen the carbon absorption functions of nature and ecology such as forests, tidal flats, and wetlands.

An official from the Ministry of Environment said, "A public hearing will be held at the National Assembly on the 19th, and the LEDS will be submitted to the UN within this year," adding, "Government follow-up measures will be announced gradually starting next year."

He continued, "Until then, there will be a process of persuasion and promotion targeting the general public and industry."

[Image source=Yonhap News]

Meanwhile, President Moon Jae-in reaffirmed his commitment to carbon neutrality by 2050 during his opening remarks at the Cabinet meeting that morning.

President Moon said, "Carbon neutrality is the direction the world must move together to jointly respond to the climate crisis," adding, "We must actively participate in this global trend as a responsible member of the international community."

He emphasized, "Carbon neutrality is also an essential task to maintain the growth of our economy," and said, "Major countries such as the EU are raising environmental regulations and barriers, so companies must transition to an eco-friendly, low-carbon economy to survive."

President Moon urged, "A strong foundation for implementation must be established to achieve carbon neutrality by 2050," and requested, "Please strengthen efforts to form public consensus through concrete plans and enhance communication with the industrial sector."

This content was produced with the assistance of AI translation services.