Ministry of Industry to Establish and Announce Carbon Neutrality R&D Strategy in Q3 This Year

Strategy Meeting Held to Establish Mid- to Long-Term Roadmap

[Asia Economy Reporter Joo Sang-don] The government is set to officially begin the establishment of a mid- to long-term research and development (R&D) strategy aimed at achieving '2050 Carbon Neutrality.'

The Ministry of Trade, Industry and Energy announced that it will hold a strategic meeting with related agencies on the 4th to formulate the mid- to long-term R&D strategy.

An official from the Ministry of Trade, Industry and Energy stated, "The ministry, responsible for the largest carbon-emitting sectors?energy (37% of emissions) and industry (36% of emissions)?intends to present a concrete R&D plan to realize carbon neutrality. The industrial sector, where achieving carbon neutrality is most challenging, will go beyond previous efficiency improvement strategies to propose fundamental technological strategies from the ground up, such as developing new processes for carbon neutrality. This gives significant meaning to the current strategy."

The basic direction for establishing the R&D strategy is communication with the industry and a comprehensive approach. Since consensus with the industry, which will actually apply the technology, is paramount, the ministry plans to encourage active participation and maintain continuous communication with the industry. The work will cover energy supply and energy demand (manufacturing, transportation, buildings, etc.) to enhance inter-sectoral coherence and thoroughly review all possible technologies. Additionally, considering that carbon reduction R&D targets 30 years ahead and requires bold challenges amid uncertain success prospects, the ministry will also consider institutional improvements to promote mid- to long-term technology development and encourage private sector’s ambitious R&D.

To establish this R&D strategy, the ministry will form 16 task forces by major industries within energy supply and demand sectors to analyze carbon emission status and emission mechanisms by field, derive core reduction technologies, and present a phased technology acquisition schedule through 2050. The strategy formulation will be completed by the third quarter through these task forces, and consultations with related ministries and public hearings with the industry will also be conducted during the process. Furthermore, the ministry plans to apply for a preliminary feasibility study within the year to launch large-scale R&D projects focused on core technologies for multi-emission industries identified in this strategy.

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