S. Korea to cut emissions by 40% of 2018 levels by 2030
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SEOUL • South Korea yesterday officially committed to cutting carbon emissions by 40 per cent of 2018 levels by 2030 ahead of the upcoming COP26 climate summit in Glasgow next month.
Last year, President Moon Jae-in pledged the country would be carbon neutral by 2050 and unveiled a Green New Deal to create jobs and help the economy recover from the coronavirus pandemic.
South Korea is one of the world's most fossil-fuel reliant economies; coal makes up over 41 per cent of its electricity mix, with renewable power at just over 6 per cent.
The revised nationally determined contribution (NDC) is a "very challenging target" for South Korea compared to developed nations that have already been cutting emissions from the 1990s, Mr Moon told a presidential committee meeting on carbon neutrality.
"This is the most ambitious reduction target possible under our circumstances," he said.
An investment of 12 trillion won (S$13.6 billion) had been allotted for next year's carbon neutrality budget, he added.
The government aims to shift industry to minimise carbon emissions by halving coal-fired power generation from 41.9 per cent to 21.8 per cent by 2030 and raising renewables from 6.2 per cent to 30.2 per cent, it said in a statement.
REUTERS
