"Achieving 2030 NDC and 2050 Carbon Neutrality Goals Difficult Without Large-Scale R&D Investment"

Korea Industrial Alliance Forum Holds Forum at the National Assembly

[Asia Economy Reporter Kiho Sung] As carbon neutrality is bringing about the greatest industrial transformation since the Industrial Revolution, it has been argued that now is a golden time to shift South Korea’s industrial structure from a follower to a leader and to determine the country’s future competitiveness.

The Korea Industrial Alliance Forum (KIAF) held a forum on the 22nd at the National Assembly Members’ Office Building, Seminar Room 2, under the theme “Evaluation of the 2050 Carbon Neutrality Goal and the Role and Progress of Carbon Reduction Research and Development (R&D).”

The forum was hosted by the office of National Assembly member Young-sik Kim, featuring an opening address by Kim, congratulatory remarks by Yoo-jong Song, Vice Chairman of the Industrial Alliance Forum and Vice Chairman of the Korea Petrochemical Industry Association, and other distinguished guests, followed by keynote presentations and designated discussions.

Vice Chairman Song stated, “Following the previous government’s announcement of the 2050 carbon neutrality scenario, the 2030 NDC target was raised to a 40% reduction compared to 2018 emissions. However, this was achieved more on idealistic justification than on a sober analysis of conditions and feasibility, raising concerns that it may not be reached without economic setbacks such as production halts.” He added, “Korea’s manufacturing industry must overcome the practical constraints of a lack of short-term reduction measures by discovering various energy efficiency improvements, substituting low-carbon raw materials, and expanding smart factory initiatives.”

He emphasized, “In particular, the development of innovative greenhouse gas reduction technologies such as hydrogen reduction steelmaking technology in the steel industry and bio-based basic feedstock production technology in petrochemicals must be realized. The preliminary feasibility study for R&D should be completed quickly, and R&D must be promptly advanced to simultaneously secure carbon neutrality and future market leadership.”

In the subsequent keynote presentation, Mina Lee, Senior Researcher at the Green Technology Center, stressed, “To conduct efficient R&D, national projects currently pursued fragmentedly by ministries and technologies should be consolidated, and a control tower for climate change response should be established.” Researcher Lee noted, “The United States newly established the Department of Energy, a key carbon neutrality department, under the White House Office of Science and Technology Policy; Germany created the Ministry of Economic Affairs and Climate Action, which oversees both economy and climate; and Japan is strengthening the role of the ‘Council for Science, Technology and Innovation’ within the Cabinet Office under its 1 ministry, 11 agencies, and 2 commissions system. These examples should be benchmarked.”

Gwang-ha Jung, Director of the Future Industry Research Institute affiliated with KIAF, projected, “By 2050, carbon neutrality will drive global asset investments totaling $9.2 trillion annually (approximately 1,200 trillion won), which is more than 20 times South Korea’s annual budget, and create 220 million jobs (while 187 million jobs will disappear).”

Director Jung added, “To seize this opportunity, immediate and sufficient R&D must be promoted through bold government support and public-private cooperation. Carbon neutrality is expected to bring the greatest industrial transformation since the Industrial Revolution, making now a golden time to shift South Korea’s industrial structure from a follower to a leader and to determine our future competitiveness.”

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