FKI "NDC Target Achievement Impossible... Concerns Over Weakened Industrial Competitiveness and Job Reduction"

[Asia Economy Reporter Suyeon Woo] The Federation of Korean Industries (FKI) on the 8th pointed out that the '2030 National Greenhouse Gas Reduction Target' released by the Carbon Neutrality Committee is a goal that is difficult to achieve in reality, expressing concerns that it could impose a significant burden on the national economy, including deterioration of industrial competitiveness and job reduction.

The FKI stated, "This target is 13.7 percentage points higher than the existing target of a 26.3% reduction compared to 2018, which means it has been raised by more than 50% compared to the previous goal," adding, "Considering that it is impossible to apply revolutionary greenhouse gas reduction technologies by 2030, with only about eight years left, it can only be seen as an unrealistic and difficult target to achieve."

They continued, "In particular, the industrial sector target has more than doubled compared to before, and given our manufacturing-centered industrial structure, there are concerns that setting such an excessive reduction target will weaken industrial competitiveness and reduce jobs, thereby imposing a burden on the national economy."

Furthermore, they pointed out, "In the absence of disclosed estimates regarding the astronomical costs required to achieve the target, neither the public nor companies, who are the stakeholders, know how much economic burden they will bear," and added, "We cannot help but worry whether the target was announced unilaterally without sufficient consultation and analysis, simply rushed by the target-setting schedule."

On the same day, the government presented a goal to reduce South Korea's greenhouse gas emissions by 40% compared to 2018 by 2030. This is a significantly raised figure compared to the previous target of a 26.3% reduction.

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