"Greenhouse Gas Reduction Target to Be Raised Within the Year... Suspension of Support for New Overseas Coal Power Plants"

[Asia Economy Reporter Lee Ji-eun] President Moon Jae-in announced his commitment to fully realize 'Carbon Neutrality by 2050' by raising the national greenhouse gas reduction target (NDC) within the year and halting public financial support for new overseas coal power plants.

At the climate summit held via video conference on the 22nd, President Moon stated, "We will further raise the 2030 national greenhouse gas reduction target and submit it to the United Nations within this year."

This follows last year's policy to reduce emissions by 24.4% compared to 2017, with an additional plan to increase the reduction target.

President Moon also highlighted past achievements, saying, "Korea reached its peak greenhouse gas emissions in 2018 and has since reduced emissions by more than 10% compared to 2018 over the past two years."

He emphasized, "We will completely stop public financial support for new overseas coal-fired power plants," adding, "It is necessary to reduce coal-fired power plants worldwide to achieve carbon neutrality." However, he noted the need for appropriate support measures for developing countries heavily dependent on coal-fired power and countermeasures for the negative impacts on domestic related industries and jobs.

He also called for interest and participation in the 2nd P4G (Partnership for Green Growth and the Global Goals 2030) Summit to be held in Seoul next month. President Moon said, "Partnerships among member countries, civil society, and industry will accelerate the realization of humanity's carbon neutrality vision," and added, "As the host country, Korea will do its best to prepare a platform that creates actionable visions and strengthens cooperation." President Moon actively promoted the event by wearing the official P4G lapel pin made from marine waste sea glass (recycled glass).

The Blue House stated, "President Moon's participation in the climate summit and his two commitments to realize carbon neutrality by 2050 publicly declare Korea's strengthened determination and efforts to respond to climate change both domestically and internationally, solidifying its position as a leading country in climate response," and added, "This will also contribute to expanding the Korea-US alliance by strengthening cooperation on climate change response between Korea and the US."