This will be the country’s new national target under the Paris Agreement.
Known as the nationally determined contribution or NDC, this represents the action South Korea will take to help deliver on the global agreement to fight climate change.
Prime Minister Chung Sye-kyun on Monday reviewed and approved the goal at a meeting of the Presidential Committee on Green Growth.
“By submitting the long-term low greenhouse gas Emission Development Strategies 2050 and the NDC to the United Nations we will reconfirm South Korea’s determination to fully commit to the new joint efforts of the international community to fight climate change.”
The new NDC will be submitted before the end of the year, giving South Korea a clearer way to track its emissions reductions by measuring progress against a specific historical year, 2017.
The previous NDC, submitted in June 2015, aimed for a 37-percent reduction by 2030, but that was based not on historical figures but on projections, which can change.
South Korea’s national carbon emissions from 2018 to 2019 exceeded the set objective by 3.5 percent.
Also, as part of the long-term low greenhouse gas Emission Development Strategies 2050, South Korea plans to set a higher fuel efficiency standard for automobiles and expand production of renewable energy.
There will also be much bigger tax benefits for firms that invest in technologies that contribute to achieving carbon neutrality.
Eum Ji-young Arirang News.