Minister of Environment: "Specifying a 35% Lower Limit for Greenhouse Gas Reduction Targets Means Discussing Higher Goals"

Minister Han Jeong-ae Holds Press Conference at Hangang Flood Control Office... Evaluation of the Carbon Neutrality Basic Act
"'Over 35%' is the Mid-term Goal for 2050 Carbon Neutrality"

Minister Han Jeong-ae of the Ministry of Environment. (File photo) [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Joo Sang-don] Han Jeong-ae, Minister of Environment, stated on the 24th, "The inclusion of 35%, which is 9 percentage points higher than the current standard (26.3% compared to 2018), as the lower limit of the 2030 national greenhouse gas reduction target (NDC) in the Carbon Neutrality Basic Act draft reflects the National Assembly's intention to start social discussions beyond that range."

On the same day, Minister Han held a press conference at the Hangang Flood Control Office and said, "Considering that the 2030 target is 37.5% with linear reduction from 2018 to 2050, '35% or more' is an intermediate goal that practically aims for carbon neutrality by 2050."

The Carbon Neutrality Basic Act, which passed the National Assembly's Environment and Labor Committee on the 19th, specifies the 2030 NDC target as a reduction of 35% or more compared to 2018 greenhouse gas emissions. Specific mid- to long-term greenhouse gas reduction targets are to be determined by presidential decree after social discussions within the range of 35% or more. This draft bill is scheduled to be submitted to the plenary session on the 25th.

If the Carbon Neutrality Basic Act passes the plenary session, South Korea will become the 14th country in the world to legally establish carbon neutrality by 2050 and mid- to long-term greenhouse gas reduction targets. Currently, countries that have legislated this include the European Union (EU) and European countries such as Germany, France, Spain, and Ireland. Japan, the United Kingdom, and Canada have legislated carbon neutrality by 2050 but have not legally set the 2030 NDC.

Minister Han emphasized, "Although the long-term goal is until 2050, the 2030 target will serve as an important milestone for implementing tangible strategies and policies. Even if the government resets the NDC after the Moon Jae-in administration, progress can only move forward, not backward."

The Carbon Neutrality Basic Act draft includes the 2030 NDC, the expansion and reorganization of the 2050 Carbon Neutrality Committee, the establishment of a climate response fund, just transition for coal-based industries, and green growth. The government plans to publicly announce the enhanced NDC at the United Nations Framework Convention on Climate Change (UNFCCC) Conference of the Parties (COP26) held in November if the bill passes the National Assembly plenary session. Additionally, it intends to design and prepare various systems such as climate change impact assessments, greenhouse gas reduction-aware budgeting, and the climate response fund.