On October 28, South Korea’s president, Moon Jae-in, announced at the National Assembly’s corrective speech that the country would reach carbon neutrality by 2050, in response to climate change. The move brings South Korea in line with other significant economies.
President Moon vowed:
We will actively respond to climate change with the international community and aim for carbon neutrality in 2050. We will replace coal power generation with renewable energy.
The Green New Deal, a multibillion-dollar plan, will invest in electric vehicles, clean energy, green infrastructure, recycling systems, creating urban forests, and low-carbon industrial complexes. It will also introduce a carbon tax and put an end to the financing of overseas coal plants.
Campaigners praised Moon’s declaration but advised that South Korea – the world’s seventh-largest contributor of CO2 in 2017, according to the IEA – would have to change its energy policy to meet the zero-emissions milestone.
Joojin Kim, of the Seoul-based NGO ‘Solutions for Our Climate,’ explained:
South Korea is finally one step closer to aligning itself with the reduction pathway compatible with Paris climate agreement goals. However, there is much to be done to make this declaration actually meaningful. The most urgent tasks are enhancing its 2030 emissions reduction target, presenting a clear roadmap to phase out coal by 2030, and putting a complete stop to coal financing.
Moon’s commitment is a significant step in the right direction. “We expect that this important pledge leads the Korean industry to swiftly shift from fossil fuels to a 100% renewables-based system,” added Jude Lee from Greenpeace East Asia.
South Korea depends on coal for approximately 40% of its electricity generation, while renewables make up less than 6%. On top of that, it still has seven coal power units currently under construction. Solutions for Our Climate claims the country is also one of the top three public financers of overseas coal power projects, chiefly in Asia.
Kim warned:
The country will struggle to achieve net-zero emissions without fundamental changes in energy policy. South Korea must immediately stop the construction of new coal power plants, and begin replacing the existing coal fleet with renewables.
South Korea is the latest significant economy to pledge to zero emissions. The European Union set similar targets in 2019, with Japan following suit this month. In September, China announced it would achieve carbon neutrality by 2060.
