"Climate Crisis is an Economic and National Crisis"
Expansion of Renewable Energy, Bold Carbon Emission Reduction Promises
Including 50,000 Won Monthly National Pass Pledge
The Democratic Party of Korea promised carbon neutrality centered on renewable energy and the realization of an RE100 nation through its climate pledges. It also announced plans to expand the share of renewable energy to 40% by 2035 and to halt the sale of internal combustion engine vehicles.
On the 20th, Kim Min-seok, head of the policy headquarters of the Democratic Party's election committee, stated through the general election climate pledges, "The climate crisis is both an economic crisis and a national crisis. As carbon trade barriers are rapidly strengthening mainly among advanced countries, national competitiveness will be determined by who reduces carbon emissions faster, and the fate of companies depends on how quickly they achieve RE100." He added, "The Democratic Party will actively pursue bold carbon reduction and the realization of an ‘RE100 nation’ to secure the competitiveness of our industries and companies and ensure a just transition that leaves no one behind in overcoming the climate crisis, which is vital for the survival of the nation and businesses."
Specifically, the Democratic Party introduced pledges focusing on bold carbon reduction and the realization of an RE100 nation. To this end, it announced plans to reduce the national greenhouse gas reduction target (NDC) by 52% compared to 2018 by 2035. Coal power generation will be halted by 2040, and energy taxation will be restructured into a carbon tax system, including the introduction of a carbon tax.
They also unveiled a blueprint to expand the share of renewable energy to 40% by 2035 to achieve RE100. This means tripling renewable energy capacity to reach 100GW by 2030. To achieve this, they promised to reintroduce the Korean-style FIT (Feed-in Tariff) system, raise the RPS (Renewable Portfolio Standard) ratio, promote rooftop solar power, support village community-type and agricultural solar power through relevant laws, and push forward a special law for offshore wind power development. They also pledged to support corporate RE100 by establishing RE100 industrial complexes. The plan includes creating national advanced strategic industry specialized complexes as exclusive RE100 zones and introducing mandatory solar power installation systems in industrial complexes. They also promised to strengthen grid connection and other measures to expand renewable energy supply.
They expressed a commitment to fostering carbon neutrality at the industrial level. By enacting the Carbon Neutral Industry Act (Korean-style IRA Act), they aim to strengthen global industrial competitiveness and add renewable energy to the list of national strategic technology investment tax credits. They also pledged to expand investment in carbon-neutral research and development (R&D), including climate tech.
Measures to revitalize eco-friendly public transportation were also presented. The Democratic Party stated, "We will enable unlimited use of public transportation through a monthly 30,000 KRW youth pass, a 50,000 KRW national pass, and free senior passes in metropolitan areas, and expand support for regional transportation such as 100 KRW buses and Happy Taxis in rural and fishing villages." Additionally, they announced plans to halt the sale of internal combustion engine vehicles by 2035 and expand the supply of future vehicles.
Other promises included the establishment of a new Ministry of Climate and Energy, the permanent establishment of a parliamentary climate special committee, and support for the installation of carbon neutrality support centers in local governments.
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