South Korea's Presidential Commission on Carbon Neutrality and Green Growth has approved a goal to reduce greenhouse gas emissions by 53-61% from 2018 levels by 2035. This target is slightly higher than the government's initial proposal of 50-60%. The goal will be finalized at a Cabinet meeting on Tuesday and officially announced at COP30 in Belem, Brazil.
On November 10 in Seoul, the Presidential Commission on Carbon Neutrality and Green Growth approved the 2035 nationally determined contribution (NDC) target to reduce South Korea's greenhouse gas emissions by 53-61% from 2018 levels. This aligns with the Paris Agreement, which requires countries to submit and update their NDCs every five years to outline emission curbing efforts; South Korea's previous 2030 NDC, submitted in 2021, pledged a 40% cut from 2018.
Prime Minister Kim Min-seok stated that the target was set after gathering opinions from experts, civic groups, and the National Assembly, emphasizing support for industries. "The decision was made to accelerate the government's transition toward carbon neutrality and boost industrial competitiveness," Kim said. "The government will craft a comprehensive support strategy covering funding, technology development and regulatory improvements to achieve the target."
The government plans to enhance the carbon emissions trading system (ETS), introduced in 2015, to promote market-based carbon management and offer incentives to companies that reduce emissions actively. However, the system has been criticized for failing to encourage reductions due to a surplus of carbon credits keeping prices low. Climate and Environment Minister Kim Sung-hwan confirmed the total emissions cap for major companies under ETS at 2.53 billion tons for 2026-2030, a 16.8% decrease from the 2021-2025 period. Eligible companies include those with average annual emissions of 125,000 tons or more, and facilities emitting 25,000 tons or more annually.
The business community expressed concerns that the target could undermine competitiveness in energy-intensive sectors like petrochemicals, steel, and autos, while environmental groups argued it is too modest to address climate change effectively. To meet the goal, the government will expand renewable energy sources such as solar and wind power and establish a nationwide next-generation power grid.
