Minister Jo Myung-rae: "Multiple '2050 Carbon Neutrality Scenarios' to be Established by Next Year"

Submission of LEDS·NDC to the UN under the Paris Agreement
Presenting 5 Major Directions for Carbon Neutrality... Supporting Green Transition
"Active Greenhouse Gas Reduction Efforts Before 2025"

Deputy Prime Minister for Economy Hong Nam-ki is briefing on the 2050 Carbon Neutrality Promotion Strategy at the briefing room of the Government Seoul Office in Sejong-ro, Seoul, on the morning of the 7th. From the left, Minister Choi Ki-young of the Ministry of Science and ICT, Minister Sung Yun-mo of the Ministry of Trade, Industry and Energy, Deputy Prime Minister and Minister of Economy Hong Nam-ki of the Ministry of Economy and Finance, Minister Cho Myung-rae of the Ministry of Environment, and Director-General Koo Yoon-chul of the Office for Government Policy Coordination. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Kim Bo-kyung] Minister of Environment Cho Myung-rae announced on the 7th, "We will establish multiple '2050 Carbon Neutrality Scenarios' suitable for Korea's conditions by next year."

Minister Cho made this statement while announcing the '2050 Carbon Neutrality Promotion Strategy' at the Government Seoul Office. According to the Paris Agreement, the government must submit the '2030 National Greenhouse Gas Reduction Target (NDC)' and the 'Long-term Low Carbon Development Strategy (LEDS)' targeting 2050 to the United Nations by the end of this year.

Minister Cho said, "A detailed greenhouse gas reduction scenario is necessary to present a clear direction for the phased carbon neutrality implementation strategy to be promoted jointly by multiple ministries."

He added, "Considering reduction potential, technology levels, and cost-benefit analysis results, we will establish multiple 2050 carbon neutrality scenarios suitable for Korea's conditions by next year."

The government set five basic directions for achieving carbon neutrality by 2050: ▲ expanding the use of cleanly produced electricity and hydrogen across all sectors ▲ innovative energy efficiency improvements ▲ promoting the development and commercialization of decarbonized future technologies ▲ fostering sustainable industrial innovation through a circular economy ▲ strengthening the carbon absorption functions of nature and ecosystems.

Minister Cho stated, "To support the green transition across the economy and society, we included innovative tasks covering policy, society, and technology such as strengthening carbon price signals, fair transition, green finance, and climate technology R&D."

Additionally, the government will submit the 2030 National Greenhouse Gas Reduction Target, aiming for a 24.4% reduction compared to 2017 greenhouse gas emissions, to the United Nations by the end of this year.

Minister Cho explained, "This shifts the 37% reduction target compared to the 2030 emission projection submitted in June 2015 to an absolute amount basis, which is the advanced country standard. To increase the certainty of reduction implementation, we reduced the proportion of overseas reductions and expanded the proportion of domestic reductions compared to before."

He added, "We will also prepare phased and sectoral reduction pathways to set advanced reduction targets. To clearly express our intention to raise the 2030 target to the international community, we plan to specify in the submission to the UN that we will actively pursue raising the 2030 target before 2025."

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