Government Partners with 'Trade Allies' to Support Overseas Greenhouse Gas Reduction

Ministry of Industry Holds 'NDC International Reduction Experts Meeting'

[Sejong=Asia Economy Reporter Kwon Haeyoung] The government will actively utilize the global trade network to support international reduction efforts, which are part of the means to reduce national greenhouse gas emissions by 40% by 2030.

On the 27th, according to the Ministry of Trade, Industry and Energy, a 'Greenhouse Gas Reduction Target (NDC) International Reduction Expert Meeting' was held under the chairmanship of Yeo Hangoo, head of the Trade Negotiation Headquarters of the Ministry of Industry. The meeting was attended by departments under the 'Climate Change and Trade Task Force (TF)' of the Trade Negotiation Headquarters, the Energy Industry Office, and related organizations.

This meeting was organized to listen to the opinions of related organizations and industries that have been promoting international reduction in preparation for the final confirmation of the NDC enhancement plan and the establishment and implementation of a government-wide promotion system, and to discuss improvement measures. The '2050 Carbon Neutrality Committee,' a presidential advisory body, decided on the 18th to set the NDC at 40%, raising the international reduction portion from the existing 2.2% compared to 2018 greenhouse gas emissions to 4.6% (33.5 million tons).

Head Yeo stated, "By supporting developing countries through international greenhouse gas reduction, we can contribute to global carbon neutrality and utilize this in a way that expands our companies' entry into global eco-friendly markets linked with trade cooperation such as the New Southern and New Northern policies." He emphasized, "The Trade Negotiation Headquarters will also utilize the free trade agreement (FTA) network with 57 countries that Korea possesses and various ongoing FTA negotiations in line with the government-wide promotion system for international reduction to ensure smooth implementation of the international reduction portion."

Detailed measures presented include ▲activation of bilateral cooperation using FTAs and Official Development Assistance (ODA) ▲maximizing the use of international carbon markets linked with the private sector ▲strengthening multilateral cooperation through expanded participation in international platforms.

The government reviewed the current status and future prospects of domestic companies' Clean Development Mechanism (CDM) projects and listened to industry suggestions for the successful promotion of international reduction. At the meeting, opinions were also expressed that the government’s role is necessary in utilizing cooperative approaches between countries allowed under the Paris Agreement as international reduction means, and in transitioning the existing CDM system to the Paris Agreement’s bilateral cooperation and Sustainable Development Mechanism (SDM) system, with expanded support for companies.