{"id":60480,"date":"2020-10-29T10:46:08","date_gmt":"2020-10-29T08:46:08","guid":{"rendered":"https:\/\/www.csregypt.com\/?p=60480"},"modified":"2020-10-29T10:46:08","modified_gmt":"2020-10-29T08:46:08","slug":"south-korea-formally-commits-to-cutting-emissions-to-net-zero-by-2050","status":"publish","type":"post","link":"https:\/\/csregypt.com\/en\/south-korea-formally-commits-to-cutting-emissions-to-net-zero-by-2050\/","title":{"rendered":"South Korea formally commits to cutting emissions to net zero by 2050"},"content":{"rendered":"

President Moon Jae-in has announced South Korea will commit to achieving carbon neutrality by 2050, turning an election promise into a policy pledge.\u00a0<\/strong>\u00a0<\/p>\n

\u201cTogether with the international community, we will actively respond to climate change and aim for carbon neutrality by 2050,\u201d he said in a speech to parliament on Wednesday \u2014 reaffirming plans for\u00a0a Green New Deal that voters overwhelmingly backed<\/a>\u00a0in April.\u00a0<\/p>\n

\u201cBy replacing coal power generation with renewable energy, we will create new markets and industries and create jobs,\u201d he said.\u00a0<\/p>\n

Moon\u2019s announcement came two days after Japan committed to the\u00a02050 net zero target<\/a>\u00a0and said it would rethink its reliance on coal. Last month, China stunned the world when it pledged to achieve\u00a0carbon neutrality by 2060<\/a>.\u00a0<\/p>\n

\u201cThe recent announcements from Japan and China have definitely put pressure on Korea to announce a target year for carbon neutrality,\u201d Joojin Kim, managing director of South Korean campaign group Solutions For Our Climate, told Climate Home News.\u00a0<\/p>\n

In July, Moon presented plans for a\u00a0$37 billion Green New Deal\u00a0aimed at boosting green infrastructure, clean energy and electric vehicles by 2025. On Wednesday, he announced a further $7 billion spending on carbon-cutting measures.\u00a0<\/p>\n

\u201cWe are replacing old buildings and public rental housing with eco-friendly facilities and investing 2.4 trillion [korean won] in the green transition for urban spaces and daily infrastructure,\u201d Moon said.<\/p>\n

As part of its Green New Deal, South Korea aims to have\u00a01.13 million electric and 200,000 hydrogen vehicles on the roads<\/a>\u00a0by 2025.\u00a0<\/p>\n

Moon\u2019s announcement coincided with a visit from Cop26 president-designate and UK business and energy minister Alok Sharma. Sharma said in a tweet\u00a0President Moon\u2019s announcement followed a \u201cvery productive 72 hours of meetings with govt ministers, parliamentarians, businesses & international organisations\u201d.<\/p>\n

As figurehead for the Cop26 UN climate summit in Glasgow, UK next November, Sharma is seeking to mobilise higher climate ambition from other governments.<\/p>\n

Campaigners welcomed South Korea\u2019s net zero pledge but warned it will take a complete coal phase-out to meet its goal.\u00a0<\/p>\n

South Korea has 36 GW of coal power capacity, which provides over 40% of the country\u2019s electricity generation, and a further 7.2 GW is under construction, according to\u00a0Global Energy Monitor data<\/a>. Renewables currently make up less than 6% of the country\u2019s energy mix.\u00a0<\/p>\n

Analysis by\u00a0Climate Analytics<\/a>\u00a0found\u00a0South Korea must increase its 2030 emissions reduction target from 37% to at least 74%, and half its emissions in the next decade if it is to meet its Paris commitments.\u00a0<\/p>\n

Kim told Climate Home the government would need to overhaul its coal policy to meet the 2050 goal.\u00a0\u00a0\u201cThe 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,\u201d he said.\u00a0<\/p>\n

South Korea is one of the three biggest public financiers of overseas coal projects globally, according to Solutions For Our Climate. In July, South Korean lawmakers proposed a bill that would end\u00a0financing for overseas coal projects<\/a>\u00a0but campaigners say it remains unclear whether the proposal has a majority support in parliament.\u00a0<\/p>\n

\u201cWe are waiting for the government to announce a total moratorium on overseas coal project financing and exit from freshly greenlit projects in Indonesia (Jawa 9, 10) and Vietnam (Vung Ang 2),\u201d Kim said.\u00a0<\/p>\n

The announcement puts pressure on other major emitters such as Australia and the US to ramp up their climate ambition.\u00a0Four of Australia\u2019s top ten trading partners, the UK, Japan, China and South Korea, have all set net zero targets, potentially dampening demand for its coal exports.<\/p>\n

Australian prime minister Scott Morrison said he would not change Australia\u2019s climate policy in response to the news.\u00a0\u201cI am not concerned about our future exports. Australia will set our policies here. Our policies won\u2019t be set in the United Kingdom, they won\u2019t be set in Brussels, they won\u2019t be set in any part of the world other than here,\u201d he told reporters on Wednesday.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

President Moon Jae-in has announced South Korea will commit to achieving carbon neutrality by 2050, turning an election promise into a policy pledge.\u00a0\u00a0 \u201cTogether with the international community, we will actively respond to climate change and aim for carbon neutrality by 2050,\u201d he said in a speech to parliament on Wednesday \u2014 reaffirming plans for\u00a0a […]<\/p>\n","protected":false},"author":410,"featured_media":60482,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[984,6030],"tags":[6325,9588],"yoast_head":"\nSouth Korea formally commits to cutting emissions to net zero by 2050 - Csr Egypt<\/title>\n<meta name=\"description\" content=\"President Moon Jae-in announced South Korea will commit to achieving carbon neutrality by 2050, turning election promise to policy pledge.\u00a0\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/csregypt.com\/en\/south-korea-formally-commits-to-cutting-emissions-to-net-zero-by-2050\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea formally commits to cutting emissions to net zero by 2050 - 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