Carbon Neutrality Committee Confirms '40% NDC Reduction'... 'Coal Power Phase-Out by 2050'

[Sejong=Asia Economy Reporter Son Seon-hee] The presidential advisory '2050 Carbon Neutrality Committee (Carbon Neutrality Committee)' has finalized the decision to reduce national greenhouse gas emissions by 40% by 2030 (compared to 2018) and approved scenarios to achieve 'carbon neutrality (Net-zero)' by 2050 on the 18th. The carbon neutrality scenario approved on this day also includes the complete cessation of coal power generation by 2050.

The related ministries, including the Office for Government Policy Coordination, Ministry of Economy and Finance, Ministry of Trade, Industry and Energy, and Ministry of Environment, announced the results of the '2nd Carbon Neutrality Committee Plenary Meeting' held in the afternoon. The '2050 Carbon Neutrality Scenario Proposal' and the '2030 National Greenhouse Gas Reduction Target (NDC) Enhancement Proposal' were deliberated and approved in the presence of Prime Minister Kim Boo-kyum, who serves as the government co-chair, co-chair Yoon Soon-jin, 18 government members, and 51 private members.

The Carbon Neutrality Committee announced three scenarios for the 2050 carbon neutrality plan in August, and after review, finalized two scenarios. Both scenarios aim to achieve carbon neutrality by 2050 through domestic reductions, and to this end, decided to completely phase out coal power generation. The committee recommended establishing legal grounds and appropriate compensation measures for this.

The NDC was finalized as a 40% reduction in total greenhouse gas emissions compared to 2018. The committee explained, "Considering Korea's industrial structure, the short time from emission peak to carbon neutrality, and the high annual reduction rate compared to major countries, the 40% target is by no means an easy goal," adding, "It reflects the government's strong policy will to realize carbon neutrality and reduce greenhouse gases."

However, since this was finalized just ten days after the initial announcement of the NDC enhancement proposal on the 8th, some criticism has been raised that there was insufficient consultation with the industrial sector and others.

Prime Minister Kim said, "This is an opportunity for innovation to upgrade our industry and energy structure, which emits a lot of carbon, to a low-carbon economic system," adding, "During the carbon neutrality process, fostering promising industries such as the hydrogen economy and revitalizing the circular economy will enable securing future new growth engines and creating new jobs."

He continued, "While planning is important to achieve the carbon neutrality goal, implementation is even more crucial," and urged, "Each ministry must establish concrete roadmaps and implementation plans with a firm determination to achieve the carbon neutrality goal and meticulously manage performance."

The agenda items deliberated and approved by the Carbon Neutrality Committee on this day are scheduled to be finalized after the Cabinet meeting on the 27th. The enhanced 2030 NDC target will then be announced at the 26th United Nations Climate Change Conference of the Parties (COP26) to be held in Glasgow, UK, early next month.