Government: "Reduce Carbon Emissions by 40% by 2030"

2050 Carbon Neutrality Committee Announces NDC Enhancement Plan... To Be Submitted to UN in December

Yoon Soon-jin, Private Committee Chair of the 2050 Carbon Neutrality Committee [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Son Seon-hee] The government has decided to reduce the national greenhouse gas emissions by nearly 300 million tons by 2030 compared to 2018. Considering that the domestic industrial sector's carbon emissions exceeded 260 million tons annually based on 2018, this means they plan to cut emissions by an amount equivalent to the industrial sector's emissions within nine years. However, since no concrete implementation plans or costs have been presented, the burden on the industrial sector is expected to increase starting next year.

The Ministry of Environment, Ministry of Trade, Industry and Energy, other related government departments, and the Presidential Committee on Carbon Neutrality 2050 disclosed on the 8th the ‘2030 National Greenhouse Gas Reduction Target (NDC)’ which significantly raises the carbon reduction target from 26.3% to 40%. This substantial increase came ten months after criticism from the international community that the target submitted to the United Nations (UN) at the end of last year (24.4% compared to 2017) was too low. It is even higher than the reduction target (at least 35% compared to 2018) specified in the ‘Carbon Neutrality and Green Growth Framework Act’ passed by the National Assembly last month. In a press release on the same day, the government stated, "The reduction target was set considering the legislative intent of the Carbon Neutrality and Green Growth Framework Act and international trends," adding, "This is the first major upward revision of the target."

According to the revised NDC, the government plans to reduce domestic greenhouse gas emissions from the peak of 727.6 million tons in 2018 to 436.6 million tons by 2030. The government itself describes this goal as ‘very challenging’ due to its steep nature. To achieve this, an average annual reduction rate of 4.17% in greenhouse gases is required until 2030, which is higher than the targets of major advanced countries such as Japan (3.56%), the United States (2.81%), the United Kingdom (2.81%), and the European Union (1.98%).

The economic impact is also significant. According to the government's own analysis, the effect of this NDC upward revision on the domestic gross domestic product (GDP) growth rate is estimated to be a maximum of -0.09%. In a trend where potential growth rates are declining, ‘carbon neutrality’ becomes a major negative factor for the economy.

On the same day, the government held an online forum to discuss the NDC upward revision with various sectors including industry, labor, civil society, youth, and education. After collecting opinions, the plan will soon be approved at a Cabinet meeting. The finalized NDC will be announced at the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP26) to be held in the UK next month and then officially submitted to the UN in December.

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