South Korea Commits to Reaching Net-Zero by 2050

South Korean President Moon Jae-in has announced the country will commit to achieving carbon neutrality by 2050. During a speech to parliament on October 28, he reaffirmed plans for a Green New Deal and pledged to replace coal power generation with renewable energy.

As part of the USD 37 billion Green New Deal, South Korea aims to boost green infrastructure, clean energy, and electric vehicles by 2025. In his speech, the president announced spending an additional USD 7 billion on carbon-cutting measures and said: “We 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.”

According to news reports, South Korea needs to drastically change its coal policy to reach net-zero emissions by 2050, including enhanced 2030 emission reduction targets, clear plans to phase out coal, and a stop to coal financing.