South Korea adds to momentum for 2050 carbon neutrality

Market: Coal, Electricity, Emissions, Natural gas, Oil products
28/10/20

South Korea is aiming to achieve carbon neutrality by 2050, including replacing coal-fired power generation with renewable alternatives, President Moon Jae-in said today.

The pledge, which builds on goals laid out in the country's "green new deal" earlier this year, adds to momentum in east Asia to reach net-zero emissions by around the middle of this century. The Japanese government this week said it will target net-zero greenhouse gas emissions by 2050, after China last month pledged to become carbon neutral by 2060.

South Korea "will move forward to aim for carbon neutrality by 2050, by actively responding to climate change with the international community", Moon said in parliament. "We will create new markets, new industries and new jobs by replacing coal power with renewable energy."

Seoul plans to create a low-carbon, green industrial complex, Moon said, although he did not give any further details of how the switch to renewable energy will affect thermal fuels. South Korea is a major importer of LNG and coal and one of Asia's biggest oil refining and petrochemical hubs.

South Korea announced plans in July to invest 73.4 trillion won ($64.7bn) in energy initiatives as part of its "New Deal" programme, which is a W160 trillion package of measures to create 1.9mn jobs over the next five years. The plans include expanding fleets of electric vehicles and hydrogen cars, as well as more than tripling the country's solar and wind power generation capacity to 42.7GW at the end of 2025 from 12.7GW currently.

Moon's comments were welcomed by UN Secretary General Antonio Guterres, who said South Korea "joins a growing group of major economies committed to lead by example in building a sustainable, carbon neutral and climate resilient world by 2050".

By Kevin Foster and Sam Hong

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Australia’s CER sees disinterest in carbon trading tool

07/05/25

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07/05/25

Australia’s CER sees disinterest in carbon trading tool

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Trump to end military campaign in Yemen: Update

06/05/25

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06/05/25

Trump to end military campaign in Yemen: Update

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US onshore crude output likely peaked: Diamondback

06/05/25

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06/05/25

US onshore crude output likely peaked: Diamondback

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Fuel theft in Mexico rose 10pc in 2024: Pemex

06/05/25

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06/05/25

Fuel theft in Mexico rose 10pc in 2024: Pemex

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