Tougher Carbon Neutrality Scenario... Carbon Neutrality Committee Includes Perfect 'Net Zero'

2050 Carbon Neutrality Scenario

[Sejong=Asia Economy Reporters Joo Sang-don and Son Sun-hee] The Presidential Committee on Carbon Neutrality (Carbon Neutral Committee) presented a net-zero (Net Zero: total emissions - offsets = 0) scenario to achieve zero net carbon emissions by 2050. This goes a step further than the carbon net emission reduction scenarios previously submitted by the government to the committee, adding a plan to shut down coal power plants and completely stop liquefied natural gas (LNG) power generation.

Yoon Soon-jin, the private co-chair of the Carbon Neutral Committee, announced the draft of the "2050 Carbon Neutrality Scenario" containing these details on the 5th at the Government Seoul Office. Chair Yoon said, "The scenario forecasts the future when carbon neutrality is realized in 2050 and the transition process by sector. It will serve as a compass to gauge detailed policy directions and transition speeds by sector."

The committee's proposal consists of three scenarios. In addition to the government's existing Plan 1 and Plan 2, a third plan including the net-zero scenario was added. Plans 1 and 2 aim to maintain coal power generation while reducing net carbon emissions to 25.4 million tons (Plan 1) and 18.7 million tons (Plan 2), respectively. Plan 3 targets zero net emissions, aiming for perfect net zero.

The biggest differences between Plans 1, 2, and 3 occur in the power transition and hydrogen sectors. Plan 1 assumes maintaining seven coal power plants with remaining lifespans as of 2050, while Plan 2 assumes stopping coal power but using LNG power as a power source to respond to emergency demand. The net carbon emissions from the power transition sector are 46.2 million tons (Plan 1) and 31.2 million tons (Plan 2), respectively.

In contrast, Plan 3 assumes completely stopping both coal and LNG power generation. In other words, it is a scenario to reduce carbon emissions from the power transition sector to zero. In the hydrogen sector, Plans 1 and 2 reflect carbon emissions of 13.6 million tons, but Plan 3 proposes converting all hydrogen to green hydrogen, resulting in zero emissions.

The Carbon Neutral Committee will begin a public consultation process through a carbon neutrality citizens' assembly of about 500 people, which will be launched on the 7th, regarding the three scenarios disclosed on this day. Furthermore, after additional discussions among related ministries, the government plans to announce the final plan by the end of October.