[The Editors' Verdict] 'Carbon Neutrality' Is a Strategy for Quality of Life

Kang Cheon-gu, Invited Professor at Inha University.

The "2021 Global Risks Report" presented at the Davos Forum identified COVID-19 and the climate crisis as the greatest risks facing humanity. The Davos Forum is the annual meeting of the World Economic Forum held in Davos, Switzerland. Leaders from politics, government, and business sectors around the world gather to exchange various information and discuss ways to develop the global economy.

The world is now focused on solving the future challenge of "carbon neutrality." Carbon neutrality means humanity becoming independent from fossil energy within 30 years. The government aims to establish a foundation that can simultaneously achieve carbon neutrality, economic growth, and improvement in citizens' quality of life through proactive responses at this turning point of a new paradigm shift called carbon neutrality. It is also seeking ways to realize carbon neutrality by minimizing the burden on our economy and society while maximizing capabilities.

The core of achieving carbon neutrality is energy transition. To accelerate this, energy sources must be shifted from fossil fuels to safe and clean renewable energy. Additionally, the expansion of transmission and distribution networks for renewable energy and the spread of decentralized energy systems focused on local production and consumption are necessary. Innovative policies for high-carbon industries, which are key sectors, must also be promoted. This involves transitioning carbon-intensive industries such as steel and petrochemicals to low-carbon industrial structures. Furthermore, decarbonization in transportation and building sectors, which are closely related to our daily lives, is important. Through bold innovations in the three areas of price, charging, and demand for eco-friendly vehicles, the production and distribution of hydrogen and electric vehicles will be expanded.

According to government announcements, currently, electric vehicle chargers are distributed to 20 million households domestically, and a future where hydrogen charging stations become commonplace in urban and key areas is planned. To decarbonize cities and national land, carbon neutrality is considered when establishing national land plans, and plans to strengthen carbon absorption functions by utilizing ecological resources such as forests and tidal flats are also in place. In addition, core policies such as creating promising low-carbon industrial ecosystems, fair transition to a carbon-neutral society, and institutional foundations for carbon neutrality have been established.

The government's "2050 Carbon Neutrality" policy faces very challenging tasks, including resolving the manufacturing-centered industrial structure, high dependence on fossil fuels, and high trade dependence. However, preparing and laying the foundation from now on for the sustainability of our society, future competitiveness, securing new markets, and future generations is a mission given to our generation.

The reason why companies and the government are pushing forward with carbon neutrality despite difficult conditions is the belief that our economy and companies possess unique competitiveness and technological strength that can handle this and even turn it into an opportunity.

Korea holds the world's number one market share in the electric vehicle battery sector. It also accounts for 40% of the world's hydrogen fuel cell power generation. The energy storage system (ESS) market share is also number one globally, and Korea has excellent innovation capabilities, ranking in the world’s top 3 on the Bloomberg Innovation Index for nine consecutive years.

What is most important in carbon neutrality is stable energy supply, which is an essential prerequisite. According to Korea Mineral Resources Corporation, domestic anthracite supply was 8.996 million tons in 2019, and all bituminous coal, which is entirely imported, was 132.667 million tons in 2019. Therefore, how to gradually resolve this reality is the key issue.

As the saying goes, "If you want to go far, go together," I hope that the carbon neutrality strategy will be steadily promoted through sufficient communication with citizens, companies, and stakeholders rather than changing everything at once.

Kang Cheon-gu, Invited Professor at Inha University (Energy Resources Engineering)