Carbon Neutrality Competition "A 2000 Trillion Won Market Opens Over 10 Years"

[Asia Economy Reporter Junho Hwang] "The global economic order will be reorganized around carbon neutrality."

The Korea Institute of Machinery and Materials under the Ministry of Science and ICT stated this in the 101st issue of Machinery Technology Policy, "Carbon Neutrality, Global Trends and Implications," saying, "A market worth 2,000 trillion won will open over the next 10 years."

The institute investigated carbon neutrality efforts targeting 2050 to 2060 in countries including South Korea, the United States, China, Europe, and Japan. As a result, it found that all countries are strategically fostering areas such as renewable energy, green mobility, increased energy efficiency, and the development of green industries. In particular, not only governments but also global companies are rapidly participating, it added.

Emerging technologies related to carbon neutrality include liquid air energy storage technology in the renewable energy sector, liquid hydrogen supply technology and V2G (Vehicle To Grid) technology in the green mobility sector, building-type smart farm technology in the energy efficiency improvement sector, and CCUS (Carbon Capture, Utilization, and Storage) technology.

Along with this, it was suggested that to secure new industries in the carbon neutrality era, innovations in new design capabilities, parts, and equipment must accompany these efforts. It especially proposed the necessity of strategically utilizing carbon neutrality as policy support to overcome the "economies of scale" and emphasized that cooperation among companies, academia, and research institutes should be further activated to secure global leadership in the related markets.

Senior Researcher Cheolhu Kim of the Korea Institute of Machinery and Materials said, "Since the Paris Agreement, the policy direction of countries worldwide has been strengthened from carbon reduction to carbon neutrality, which means zero carbon emissions," adding, "As the global economy and policies already recognize carbon as a cost, efforts to respond to the new international order reorganized around carbon neutrality are urgently needed."

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