Review of Incorporating 'Carbon Zero by 2050' into the New Deal Comprehensive Plan

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, visited Easy House in Nowon-gu, Seoul on the 25th for a 'Green New Deal On-site Visit' and toured the facilities. / Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Park Cheol-eung] The comprehensive plan for the Korean New Deal, to be announced in mid-month, is considering incorporating the goal of 'carbon zero by 2050.' If realized, the expansion of renewable energy and future vehicles, which the Moon Jae-in administration has been focusing on, will proceed at a faster pace.

Kim Seong-hwan, a member of the Democratic Party who served as the head of the Korean New Deal Task Force (TF), said in a phone interview with Asia Economy on the 2nd, "The long-term goal of the Green New Deal is to move toward a carbon-zero society by 2050," adding, "More than 70 countries have already made such declarations, making it a global trend."

He continued, "We are continuing party-government consultations for the New Deal comprehensive plan, explaining the necessity of including 'carbon zero by 2050,' and ultimately, the Blue House and the government will review and decide."

The Blue House announced earlier last month that it would invest 31.3 trillion won by 2022 in the Korean New Deal, focusing on two pillars: digital and green. In the case of the Green New Deal, 12.9 trillion won will be invested to create 133,000 jobs. The core includes transforming urban space living infrastructure into green, establishing an innovative ecosystem for green industries, and spreading low-carbon distributed energy.

Kim said, "The upcoming New Deal comprehensive plan will include content that expands the scope with a longer-term perspective." The government is expected to report to the Blue House around next week and announce the New Deal comprehensive plan in mid-month.

The Democratic Party plans to institutionalize the 'Future Transition K New Deal Committee,' succeeding the COVID-19 Crisis Overcoming Committee that ended on the 24th of last month, and hold its first meeting on the 3rd. Party leader Lee Hae-chan will serve as chairman, and the committee will be organized into headquarters for digital, New Deal, and social safety nets. It is expected to become the largest committee organization within the Democratic Party, and the 'Green New Deal Basic Act' will be proposed soon.

President Moon Jae-in, during a video summit with the European Union (EU) on the 30th of last month, praised the EU's 'European Green Deal' policy to make Europe a carbon-neutral continent by 2050, stating, "I hope it becomes an important partner in the Green New Deal policy our government is pursuing."

Meanwhile, the U.S. Democratic Party presented climate measures on the 30th of last month (local time) to reduce net greenhouse gas emissions to 'zero' by 2050. For the power sector, the plan includes reducing net greenhouse gas emissions to 'zero' by 2040 and producing only electric vehicles for new cars by 2035.