South Korea announced on Friday that it will launch a presidential body on carbon neutrality to fulfill its United Nations commitment to make the country emissions-free by 2050.

In a pan-government strategy meeting on carbon neutrality held at the Blue House on Friday, President Moon Jae-in said that carbon-neutral declaration by 2050 is a global trend that cannot be changed.

The new presidential body and public-private organization – 2050 Carbon Neutrality Committee – will help Korea carry out policies speedily to reach the goal of going carbon neutral by 2050, he said.

A vice minister devoted to energy will be newly installed at the Ministry of Trade, Industry and Energy.

The government will seek to shift to low carbon system in all economic sectors through incremental migration from fossil fuel to renewable sources including hydrogen.

Korea will develop future mobility as a leading industry in carbon neutrality and expand production and supply of electric and hydrogen vehicles as well as charging stations to majorly shift industry ecosystem that focuses on future vehicles.

As part of efforts to reach its 2050 carbon-neutral goal, Korea will set up a special fund that responds to climate change and review introducing a climate change-friendly financial system such as carbon recognition budget system.

“In the longer run, the government will review reform in the country’s tax and charging system and strengthen efforts to boost green investment from private sector and for policy finance sector to lead carbon neutrality,” Moon said.

“Carbon neutrality goal is a task that should be promoted with much support in the same direction over the next 30 years,” Moon said. “The government will clearly pave the way in this term for the path of going carbon neutral.”

In October, Moon declared the goal of going carbon neutral by 2050 while delivering a speech at the National Assembly. Korea has been promoting Green New Deal as part of the Korean New Deal where a total of 160 trillion won ($144.9 billion) will be injected by 2025. Carbon neutrality is also expected to gain momentum globally as countries are beefing up efforts to respond to climate change, particularly under new U.S. leadership.

By Lim Sung-hyun and Lee Eun-joo

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]