Carbon Neutrality Vision and Strategy for Industry and Energy

Country / jurisdiction: Korea · Year: 2021 · Status: In force · Level: National · Type: Voluntary

Korea announced its first comprehensive strategy to achieve carbon neutrality in the industry and energy sectors, "Carbon Neutrality Vision and Strategy for Industry and Energy".

The vision named "Manufacturing Renaissance 2.0" is the No.4 industrial powerhouse to lead a low-carbon economy, with 5 objectives aimed for 2050.

1) Expand share of renewables to 70.8%

2) Increase self-sufficiency rate of clean hydrogen to 60%

3) Expand share of high value-added, eco-friendly items to 84.1%

4) Reduce carbon intensity in the manufacturing industry to 68tCO2eq/KRW billion

5) Improve export ranking to 4th.

The government vowed all-out support with tax, finance, and regulatory innovation for firms to phase-out coal power generation by 2050 and achieve a carbon-free energy mix with renewables and hydrogen. Industrial R&D projects focused on carbon-neutral technologies, environment-friendly infrastructure, low-carbon materials, parts and equipment, and green engineering will be pushed ahead as well.

Official source: https://eiec.kdi.re.kr/policy/materialView.do?num=221324