2050 Long-term Low-Carbon Development Strategy... Companies "Most Concerned About Increasing Burden"

[Asia Economy Reporter Kiho Sung] Among the processes to achieve the greenhouse gas reduction targets related to the '2050 Long-term Low Carbon Development Strategy,' the highest concern expressed by companies was the 'increased corporate burden due to strengthened environmental regulations.'

The Korea Employers Federation (KEF) announced the results of the '2050 Long-term Low Carbon Development Strategy Corporate Survey' conducted on 119 domestic companies (based on responses) on the 28th.

The '2050 Long-term Low Carbon Development Strategy' is a report submitted to the UN by all parties under the UN Framework Convention on Climate Change, setting national climate change response policies and greenhouse gas reduction targets. Seventeen countries, including the EU and Japan, have already submitted their development strategies to the UN, and Korea plans to submit its '2050 Long-term Low Carbon Development Strategy' to the UN within this year.

According to the survey results, when the government decides on policies aiming for a carbon-neutral society by 2050, 72.9% of respondent companies answered that the biggest burden factor would be 'an increase in corporate burden due to strengthened environmental regulations during the implementation process.'

Additionally, regarding the most important considerations when the government sets the 2050 national greenhouse gas reduction targets, 53.8% of respondent companies said 'the current economic and social situation of Korean companies,' and 41.2% answered 'the need to secure future competitiveness such as strengthening corporate competitiveness and deriving new growth engines.' In total, 95% of respondent companies answered that 'the current situation of Korean companies and national competitiveness must be considered.'

Meanwhile, nearly half of the respondent companies, 44.1%, responded that it is appropriate to 'reduce greenhouse gas emissions by 40% compared to 2017' for the '2050 national greenhouse gas reduction target' related to the 2050 Long-term Low Carbon Development Strategy.

Furthermore, when asked about the priorities to consider to achieve the government's 2050 greenhouse gas reduction targets, 44.1% answered 'actively collecting industry opinions to prepare realistic policies,' and 39.8% answered 'creating conditions that allow smooth participation by companies.' In total, 83.9% of companies responded that it is necessary to create conditions for industry opinion collection and participation.