fbpx ...

Powering Net Zero Commitments

South Korea, worlds' 7th largest emitter, pledges carbon neutrality by 2050

Moon Jae-in, South Korea’s president, has stated that the nation will become carbon neutral by 2050. This declaration brings it in line with other major economies across the world. 

This declaration was made in a policy speech given at the National Assembly on Wednesday. Moon states that South Korea, as one of the world’s most fossil fuel-reliant economies, would “actively respond” to the climate emergency “with the international community and achieve carbon neutrality by 2050”.

He promised to end the nation’s dependence on coal, replacing it with renewable energy sources as part of the country’s Green New Deal, a multibillion-dollar plan to invest in green infrastructure, clean energy and electric vehicles.

South Korea has become the latest major exonomy to commit to zero emissions. The European Union also set a similar target for itself last year, and Japan is expected to follow suit this week. China aims to achieve carbon neutrality by 2060. 

Moon’s announcement correlates with a proposal made by his ruling party before April’s national assembly elections.

The party’s Green New Deal calls for an end to financing of overseas coal plants, and the introduction of a carbon tax, creating urban forests, recycling, establishing a foundation for new and renewable energy, and creating low-carbon industrial complexes.

Campaigners praised Moon’s announcement, however, warned that South Korea – the world’s 7th largest carbon dioxide emitter in 2017, according to the International Energy Agency – would need to changes its energy policy in order to even come close to achieving the zero-emissions milestone.

“South Korea is finally one step closer to aligning itself with the reduction pathway compatible with Paris climate agreement goals,” Joojin Kim, managing director of the Seoul-based NGO Solutions for Our Climate, said in a statement.

“However, there is much to be done to make this declaration actually meaningful. The most urgent tasks are enhancing its 2030 emissions reduction target, presenting a clear roadmap to phase out coal by 2030, and putting a complete stop to coal financing.”

Greenpeace East Asia’s Jude Lee states that Moon’s pledge was “another important step forward. We expect that this important pledge leads the Korean industry to swiftly shift from fossil fuels to a 100% renewables-based system.”

40% of South Korea’s electricity generation is powered by coal and renewables only make up about 6%. The nation is in the process of building 7 new coal power plants. 

 Additionally, it is also one of the top three public financers of overseas coal power projects, mostly in Asia, Solutions for Our Climate said.

The nation will face significant hurdles in its attempt  to achieve net-zero emissions “without fundamental changes in energy policy”, Kim stated. “South Korea must immediately stop the construction of new coal power plants, and begin replacing the existing coal fleet with renewables.” As reported by The Guardian

Share this article on your social networks

Related Posts

Greenhouse Gas Emissions by Country: Understanding the Global Impact
Greenhouse gas emissions by country: Understanding the global impact. In this article, we will take a closer look at the ...
Read More
GHG Reporting: Understanding and Mitigating Greenhouse Gas Emissions
Greenhouse gas (GHG) reporting is the process of measuring, reporting, and ultimately reducing an organization's emissions. In this article, we ...
Read More
5 key takeouts from the new IPCC Climate Report
The most recent 3.675 pages IPCC report has been hailed as the most searing indictment of the planet’s climate predicament. ...
Read More
Overwhelming majority of Australians look to Brands to make a climate difference
The research, released today at Nine’s State of the Nation Sustainability virtual event, showed that despite everyday Australians making changes ...
Read More
67% of retail investors now prefer ESG investments
According to new research from behavioural finance experts, Oxford Risk, two out of three retail investors are considering transferring their ...
Read More
Massive and rapid swing. 75% of Australian businesses leaders believe world is at climate change tipping point: Deloitte Report
Australian business leaders are becoming a lot more concerned about climate change. This shift is according to a new report ...
Read More
Climate Impact Measurement and Disclosure Growing Quickly Among Businesses
Many of the world’s biggest organisations have begun to share information concerning their carbon footprint in a new move that ...
Read More
Explosive research for Australian businesses: people are turning down high paying jobs for 1 surprising reason
employed by a company that did not do its part to address climate change.
Read More
Australia Ranks Last Out Of 60 Nations For Climate Crisis Response Policy
Australia’s government policy response to the climate crisis was ranked last in an assessment of 60 nations released at the ...
Read More