South Korea plans to eliminate emissions and achieve a net-zero carbon economy by 2050

South Korea’s re-elected president has vouched to eliminate carbon emissions by 2050. This has happened right at the heels of the statement given by Japan’s new prime minister to accelerate the nation’s emission targets.

South Korean President Moon Jae-in has stated that “replacing coal power generation with renewable energy” is the foremost importance for reaching the net-zero goal by 2050. He has also said that they plan to “expand financial support to local renewable energy businesses”.

South Korea will be using KRW8 trillion (US$7.04 billion) of the Green New Deal budget which would also renovate and replace buildings using a KRW2.4 trillion urban spaces and infrastructure fund. The government said that President Moon will also deploy 116,000 electric and hydrogen vehicles and the green deal would also allocate another KRW4.3 trillion for a charging station network that includes rapid chargers.

The South Korean President has also mentioned another deal that will finance a transition to renewables by “strengthening the safety net and developing human resources.”

Joojin Kim, the Managing Director of Solutions for Our Climate (SFOC) said that “We welcome President Moon Jae-in’s declaration to reach net-zero emissions by 2050. South Korea is finally one step closer to aligning itself with the reduction pathway compatible with Paris Agreement goals. However, there is much to be done to make this declaration actually meaningful. The most urgent tasks are enhancing [Korea’s] 2030 emissions reduction target, presenting a clear roadmap to phase out coal by 2030, and putting a complete stop to coal financing.”

These declarations were made two days after newly-appointed Japanese prime minister Yoshihide Suga accelerated their plans to reach net-zero greenhouse gas emissions. His predecessor Shinzo Abe planned to reduce their emission by 80% of their emission in 2010 by mid-century, without setting an exact year to hit net-zero.

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