Introduction of Carbon Tax and Promotion of Inter-Korean Forest Cooperation... Ruling Party Candidates Announce Carbon Neutrality Pledges

Lee Jae-myung, Establishment of Climate Energy Department
Lee Nak-yeon, Promise of Corporate Incentives
Chung Sye-kyun, Establishment of International Hydrogen Exchange

[Image source=Yonhap News]

[Asia Economy Reporter Jeon Jin-young] Presidential candidates from the ruling party announced their election pledges related to carbon neutrality on the 27th. Former Minister of Justice Chu Mi-ae, Gyeonggi Province Governor Lee Jae-myung, former Prime Minister Chung Sye-kyun, former Democratic Party leader Lee Nak-yeon, and lawmakers Park Yong-jin and Kim Doo-kwan (in ballot order) each presented their visions for overcoming the climate crisis while inheriting the Moon Jae-in administration’s ‘2050 Carbon Neutrality Declaration’ at the ‘Carbon Neutrality Special Committee Presidential Primary Candidates’ Carbon Neutrality Pledge Presentation’ held at the Democratic Party Central Office in Yeouido.

At the event, the candidates proposed setting greenhouse gas reduction targets and transitioning to a carbon-neutral society. However, there were differences in specific details among the candidates. Governor Lee pledged to foster green future industries such as wind power and energy storage system (ESS) industries, making them South Korea’s competitive edge, and promised to establish a new ‘Ministry of Climate and Energy’ to administratively support this. He also pledged to expand energy welfare policies for a fair energy transition.

Former leader Lee Nak-yeon pledged to more than double the current greenhouse gas reduction targets and promised incentives for companies. He stated, “We will provide tax benefits and technological and financial support to companies leading carbon neutrality,” and added, “We will also seek ways to promote and institutionalize ESG (Environmental, Social, and Governance).” Former Prime Minister Chung Sye-kyun promised an economic structural transition aligned with carbon neutrality and announced plans to establish an ‘International Hydrogen Exchange.’ He said, “We will lead international hydrogen-related standards and make the hydrogen economy, a core of carbon neutrality, a new growth axis of the national economy.”

Former Minister Chu Mi-ae stated, “I will inherit the Moon Jae-in administration’s carbon neutrality policies,” emphasizing the importance of tree planting. She also pledged to promote inter-Korean forest cooperation projects, saying, “We must restore the devastated forests of North Korea.” Additionally, she announced plans to increase support for Korean-style nuclear fusion research. Lawmaker Park Yong-jin pledged a carbon tax, noting, “During the transition to a carbon-neutral society, certain groups inevitably suffer due to changes in industrial structure and rising energy prices.” Lawmaker Kim Doo-kwan pledged to completely halt overseas coal power export projects. He said, “Major advanced countries, international financial institutions, and policy banks have also stopped investing in coal power. We will prepare support measures to extend this not only to the cessation of public financial support but also to private financial institutions.”

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