Government to Pursue 40% National Greenhouse Gas Reduction Target by 2030... Effective from the 25th

Approval of the Carbon Neutrality and Green Growth Framework Act

[Asia Economy Sejong=Reporter Dongwoo Lee] The government plans to raise the national greenhouse gas reduction target (NDC) to 40% by 2030 compared to 2018 levels.

On the 22nd, the Ministry of Environment and the 2050 Carbon Neutrality Committee announced that they approved the "Enforcement Decree of the Basic Act on Carbon Neutrality and Green Growth in Response to the Climate Crisis" at the Cabinet meeting, and it will be enforced starting from the 25th. With the enforcement of this law, South Korea will become the 14th country to legally establish the 2050 carbon neutrality vision.

The core of this decision is the legalization of a significant increase in the mid-term target of the 2030 NDC to 40%. After the law is enforced, the government must establish a national carbon neutrality basic plan with a 20-year planning period within one year. Local governments will establish basic plans for cities, provinces, and districts with a 10-year planning period, considering the national basic plan. A new cooperative governance body called the "2050 Carbon Neutrality and Green Growth Committee," which gathers opinions from various sectors of society, will also be formed. The committee will deliberate and decide on the national vision, mid- to long-term reduction targets, and major plans and policies related to carbon neutrality.

First, the government will introduce the "Greenhouse Gas Reduction-Conscious Budget" and "Climate Change Impact Assessment" to reduce greenhouse gases. This means inducing reductions in major national plans, large-scale development projects, and overall national finances. The Greenhouse Gas Reduction-Conscious Budget will be applied from the 2023 fiscal year under the supervision of the Ministry of Economy and Finance and the Ministry of Environment. The Climate Change Impact Assessment, which evaluates the climate change impact in advance for plans and projects that emit large amounts of greenhouse gases or are vulnerable to the climate crisis, will be introduced gradually from September after a pilot project this year.

Measures to proactively prepare for climate disasters and adapt to the climate crisis will also be strengthened. The government plans to establish and operate a meteorological information management system to continuously measure, investigate, and disclose changes in atmospheric greenhouse gas concentrations and improve the accuracy of climate crisis monitoring and forecasting. A "Climate Crisis Adaptation Information Management System" will also be operated to investigate and evaluate the impact of the climate crisis on ecosystems, air, water, and other environments. In particular, vulnerable areas that suffer significant damage during the rapid carbon neutrality transition process will be designated as "Just Special Zones" and supported. Policies to foster and support the green industry will also be prepared. To promote corporate green management and the development and commercialization of green technologies, plans for technical support and financial assistance for system transformation will be established. Additionally, efforts will be made to develop financial products to respond to the climate crisis.

To secure necessary funding, the "Climate Response Fund" was newly established and has been operating since January this year. It has been budgeted at a total scale of 2.4 trillion won this year. Four core areas?greenhouse gas reduction, creation of new promising and low-carbon industrial ecosystems, fair transition, and system and infrastructure establishment?have been set for support. Going forward, reduction projects that maximize greenhouse gas reduction effects will be given top priority. The government plans to continuously expand investment in green finance and technology development projects to develop this fund into a representative financial program supporting carbon neutrality.

Han Jeong-ae, Minister of Environment, said, "The Basic Act on Carbon Neutrality and Green Growth, which will serve as a guide for the 30-year journey toward a 2050 carbon-neutral society, is being enforced," adding, "We will make this year the first year of carbon neutrality implementation and continue efforts to reduce greenhouse gases across all sectors of society, including power generation, industry, and transportation."

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