FKI Expresses Regret Over Carbon Neutrality Basic Act Passing Labor and Environment Committee...Concerns Over National Economic Burden

[Asia Economy Reporter Suyeon Woo] The Federation of Korean Industries (FKI) expressed regret on the 19th over the passage of the Basic Act on Carbon Neutrality and Green Growth for Climate Crisis Response through the National Assembly's Environment and Labor Committee.

The FKI stated, "Although the 2030 national greenhouse gas reduction target legislation should have been carefully discussed in the National Assembly considering its impact on our economy, the bill was processed in the committee without sufficient discussion," adding, "Given our manufacturing-centered industrial structure, there is concern that it could impose excessive burdens on the national economy." The Basic Act on Carbon Neutrality passed that day includes a provision to reduce greenhouse gas emissions by more than 35% by 2030 compared to 2018 levels.

Furthermore, the FKI said, "Legislating a lower limit on the reduction target before completing the collection of industry opinions for establishing the 2030 national greenhouse gas reduction target could negatively affect discussions aimed at setting reasonable goals," and requested, "We ask for careful review of the bill during the future Legislation and Judiciary Committee discussions to ensure that the reduction targets are reasonably established in line with our economic conditions."

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