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South Korea passes bill to mandate carbon neutrality by 2050
03 September 2021IHS Markit Energy Expert
South Korea passed a bill mandating national carbon neutrality
by 2050, becoming the 14th country in the world to legislate a
carbon target, the country's environment ministry said in a
statement 2 September.
The country's National Assembly passed the Carbon Neutrality and
Green Growth Act, which in addition to the 2050 goal, also requires
South Korea to cut GHG emissions by 35% or more from its 2018
levels by 2030.
The bill was approved with 109 lawmakers voting in favor and 42
against.
The ruling Democratic Party has a super majority in the National
Assembly to move the motion over the objections of the rival People
Power Party, which is opposed to President Moon Jae-in's climate
policies, which include expansions of South Korea's solar, electric vehicle, hydrogen, and offshore wind capabilities. The
legislation will become law after Moon signs it.
The act includes various policy options to help meet the carbon
neutrality target such as the setting of emissions reduction
targets when drafting national budgets, the ministry said. A
climate response fund will also be established to support the
transformation of industrial processes towards emissions
reductions.
"With the enactment of the Carbon Neutrality Act, we now have
the basis on which we could pursue our carbon-neutral policies for
the next 30 years... a mid-to-long term greenhouse gas emission
reduction target will be set within the range defined by the Act,"
environment minister Han Jeoung-ae said in the statement.
On 28 October 2020, Moon outlined plans for carbon neutrality by
2050.
The target represented a significant ramp up from the pledge in
South Korea's first National Determined Contribution to the Paris
Agreement to reduce GHG emissions by 37% from a business-as-usual
path by 2030, equivalent to a 24% reduction compared with the 2017
levels, IHS Markit Associate Director Vince Heo told Net-Zero Business Daily in
March.
"The power sector accounts for 41% of South Korea's emissions,
and has been the main focus of strategic planning to date, but
further plans are needed to decarbonize other sectors as well,
particularly transportation," Heo said.
In 2019, South Korea emitted an estimated 679 million metric
tons CO2 equivalent of GHGs, making it the world's 10th-largest GHG
source, according to IHS Markit estimates.
