President Moon presides over 'Carbon Neutrality Leading Companies Report Meeting'... Emphasizes 'A Path We Must Take'

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] On the 10th, President Moon Jae-in presided over the 'Carbon Neutral Leading Companies Invitation Strategy Report Meeting' at the Chungmugil Room of the Blue House and discussed the 'Carbon Neutral Vision' with the attendees.

This event was held to mark the 1st anniversary of the declaration of the 2050 Korea Carbon Neutral Vision.

From economic organizations, attendees included Chey Tae-won, Chairman of the Korea Chamber of Commerce and Industry; Koo Ja-yeol, Chairman of the Korea International Trade Association; Kim Ki-moon, Chairman of the Korea Federation of SMEs; Sohn Kyung-shik, Chairman of the Korea Employers Federation; and Kang Ho-gap, Chairman of the Korea Federation of Medium-sized Enterprises.

From the industrial sector, attendees included Kim Ki-nam, Chairman of Samsung Electronics’ Advanced Institute of Technology; Jung Ho-young, President of LG Display; Jeon Young-hyun, Vice Chairman of Samsung SDI; Ga Sam-hyun, Vice Chairman of Korea Shipbuilding & Offshore Engineering; Ahn Dong-il, President of Hyundai Steel; and Gong Young-woon, President of Hyundai Motor Company. From the energy sector, attendees included Jung Seung-il, President of Korea Electric Power Corporation; Kim Eung-sik, President of GS EPS; Jung Yeon-in, President of Doosan Heavy Industries & Construction; Lee Gu-young, President of Hanwha Solutions; Hwang Jeong-mo, Vice President of Hyosung Advanced Materials; and Cho Kyung-mok, President of SK Energy.

From the medium-sized enterprises sector, attendees included Lee Dong-chae, Chairman of EcoPro; Lee Sang-won, CEO of Sanga Front Tech; and Kim Hae-ryeon, Chairman of Taekyung Group. From the small and medium-sized enterprises sector, attendees included Shin Yong-moon, Vice Chairman of Shilla Engineering; Lee Sang-hoon, CEO of Woorong; and Kim Gu-han, CEO of Gridwiz.

At the event, based on opinions gathered from the industrial and energy sectors, the 'Industrial and Energy Carbon Neutral Great Transformation Vision and Strategy' was announced, outlining mid- to long-term tasks and policy directions to be pursued over the next 30 years.

The strategy includes the goal of completely phasing out coal power generation by 2050, with plans to shut down 24 aging coal power plants by 2034 and to encourage early reduction of remaining coal power plants through consultations with operators.

It also includes transitioning the power mix to focus on clean energy by 2050, completely restructuring industrial R&D around carbon neutrality, providing tax and financial support for core technology and facility investments, and establishing a predictable carbon pricing system in the long term.

Support will be provided for overseas expansion in green infrastructure sectors expected to see large-scale investment and market growth, such as future mobility and hydrogen and renewable energy infrastructure. Plans were also presented to foster core engineering technologies essential for achieving carbon neutrality as new export industries. Active support will be given for the transition of traditional industries such as coal and internal combustion engines to new industries, and eco-friendly win-win job models will be expanded.

If this strategy is pursued without wavering, it is expected that the portfolio of our industry will rapidly shift to eco-friendly and high value-added products, and a future-oriented industrial structure will be established where manufacturing value-added steadily increases while carbon emissions decrease.

At the meeting, President Moon emphasized that carbon neutrality is a path that South Korea, as a member of the world’s advanced countries, must take, and presented a vision to lead as a 'first mover' in the low-carbon era. He also expressed deep gratitude and encouragement to the leading companies driving this change and declared the government’s commitment to full support.

Through thematic discussions with attending business leaders, President Moon exchanged various opinions on carbon neutrality and expressed deep empathy regarding the significant burdens on our companies due to carbon neutrality. He specifically stated that customized support for carbon-vulnerable groups such as small and venture companies will be especially strengthened.

Meanwhile, considering the serious COVID-19 situation including concerns over the spread of the Omicron variant, this leading companies invitation strategy report meeting was held with enhanced quarantine measures applied and minimized external attendees.

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