The ‘2050 Presidential Commission on Carbon Neutrality and Green Growth’ (the Commission, Co-chairs Prime Minister Han Duck-soo, Vice President of KAIST Kim Sang-hyup) held its 3rd general meeting for 2024 on October 30 (Wednesday) at the Government Complex-Seoul, chaired by Prime Minister Han Duck-soo.

At this meeting, the Commission reviewed and approved the ‘2023 Greenhouse Gas Reduction Target Implementation Review Results,’ the ‘1st Biennial Transparency Report,’ and the ‘Measures to Enhance the Carbon Measurement, Reporting, and Verification (MRV) Capabilities of Companies.’

The agenda item ‘2023 Greenhouse Gas Reduction Target Implementation Review Results’ contains the findings on whether the greenhouse gas emissions in 2023 achieved the reduction target, along with sector-specific policy recommendations. 

The agenda item ‘1st Biennial Transparency Report’ involves a comprehensive verification of South Korea’s response to the climate crisis, to be submitted to the international community.

The agenda item ‘Measures to Enhance the Carbon Measurement, Reporting, and Verification (MRV) Capabilities of Companies’ focuses on supporting companies in their carbon MRV to proactively strengthen South Korea’s carbon competitiveness in response to the expanding carbon regulations in the international community.

The specific details of each agenda item discussed on that day are as follows:

In 2023, South Korea’s total greenhouse gas emissions amounted to 624.2 million tons, demonstrating a reduction exceeding the target by 6.5% due to the expansion of non-carbon power sources such as nuclear energy, improvements in industrial structure, and global economic conditions. 

* Compared to 2022, the global greenhouse gas emissions increased by an average of 1.1% (Decrease: United States 4.1%, United Kingdom 5.4%, European Union (EU) 9%; Increase: China 4.7%, India 7% / Source: IEA, UKCCC)

In 2023, global energy-related greenhouse gas emissions reached 37.4 billion tons, continuing to rise annually and hitting a historic high. In contrast, South Korea has seen a decline in greenhouse gas emissions each year since 2018, despite GDP growth. This indicates a strengthened trend of “decoupling” between economic growth and greenhouse gas emissions, where actual emissions decrease even in the presence of factors that typically increase emissions.

To monitor the national and sector-specific greenhouse gas emission reduction achievements, an implementation oversight committee involving stakeholders was established and operated*. The assessment results indicated a decreasing trend across all sectors, including energy transition, buildings, and industry. However, some sectors fell short of their targets due to factors such as a decline in electric vehicle adoption, minimal effects from the reduction in livestock numbers, and an increase in waste incineration amounts. 

* 90 members: 15 private committee members from the Commission, 63 experts, and 12 stakeholders (including future generations, civic organizations, etc.)

** Compared to the 2023 targets, energy transition achieved a reduction of 10.2%, industry 6.8%, and buildings 7.1%, all surpassing the initial goals. 

Through this review, the ]Commission suggested improving related policies alongside the innovation and application of eco-friendly technologies to ensure that the trend of greenhouse gas emission reductions continues and spreads to all sectors of society.

It was emphasized that there should be a proactive push for the eco-friendly transition of raw materials and fuels for energy production, improvements in production processes, and the development of energy-efficient and eco-friendly core technologies. This will lead to a transformation of the industrial sector towards a low-carbon structure, and efforts in technological innovation are essential for this.

It was also requested to strengthen policy support for the expansion of non-carbon power generation, timely development of transmission networks, and the dissemination of greenhouse gas emission reduction facilities and zero-emission vehicles. 

In addition, the participants discussed the challenges facing the nation and the actions to be taken in the future.

Regarding the Constitutional Court of Korea’s decision of unconstitutionality on the Framework Act on Carbon Neutrality and Green Growth for Coping With Climate Crisis at the end of August, the government urged that alternatives acceptable to our society should be proposed, taking into account the intent of the Constitutional Court of Korea’s decision and scientific evidence, and requested close cooperation with the National Assembly for the establishment and revision of related legislation.

It was suggested that when formulating the ‘2035 Nationally Determined Contribution (NDC)’ to be submitted to the United Nations (UN) by next year, it is necessary to establish an appropriate level of reduction contributions through a broad consultation process, taking into account social consensus, various stakeholders, and international responsibilities.

* Nationally Determined Contribution: The national greenhouse gas reduction targets submitted voluntarily in accordance with the Paris Agreement (December 2015)

The Commission plans to incorporate the necessary improvements and adjustments identified through this implementation review into relevant action plans in collaboration with related agencies and will continue to monitor and verify them regularly.

According to the Paris Agreement, starting in 2024, all parties are required to prepare a ‘Biennial Transparency Report’* (the Report) every two years and submit it to the UN.

* Biennial Transparency Report: A climate crisis response report submitted by participating countries every two years

Unlike the United States and the EU, South Korea, along with China and India, is one of the countries submitting its report for the first time this year, which has garnered significant global attention.

The main content includes the implementation results for achieving the national greenhouse gas reduction target (NDC), and it reflects South Korea’s continuous reduction trend in greenhouse gas emissions, including a 13.9% reduction compared to the baseline year (2018) in 2023. 

This is a positive factor, as it indicates that South Korea is maintaining a reduction rate similar to that of major emitting countries, despite the challenges of a high-emission trade-dependent economy.

In addition, measures to strengthen climate adaptation using web-based climate disaster vulnerability assessment models were explained, along with examples of responses to climate disasters, such as support for disaster-vulnerable housing (Ministry of Land, Infrastructure and Transport) and the development of climate-resilient rice varieties (Chungcheongnam-do). 

The report also included South Korea’s contributions to the international community aimed at addressing global climate disparities and achieving worldwide reduction targets. 

The report detailed approximately USD 2.156 billion (approximately 2.83 trillion, based on contract amount) in bilateral climate finance support provided in 2022, and introduced support achievements in technology development and transfer, as well as capacity-building examples in the areas of energy, agriculture, forestry, water, and sanitation.

After self-organization and translation, the report will be submitted to the UN by the end of December, and next year, a UN technical review team will visit South Korea for the verification process. 

The government plans to establish a separate team composed of experts from various fields to support and respond to the UN verification process.

The submitted English report will be posted on the website of the UN’s climate change body, the UN Framework Convention on Climate Change (UNFCCC), while the Korean report will be published on the website of South Korea’s Ministry of Environment. 

The international community is demanding that companies exporting to those countries measure and reduce their carbon emissions through the introduction of carbon regulations such as the Carbon Border Adjustment Mechanism (CBAM, EU) and the Clean Competition Act (CCA, United States).

However, businesses are expressing difficulties in preparing for carbon measurement, reporting, and verification (MRV), and small and medium-sized enterprises, in particular, lack the necessary conditions for accurate emission measurement. 

In response, the Ministry of Environment and other related departments plan to establish a foundation for utilizing carbon MRV to alleviate the burden on South Korean companies related to international carbon trade regulations and to enhance their capabilities for measuring emissions. 

By operationalizing a cross-departmental system for building a database, reforming the methods for calculating product carbon footprints*, establishing a regulation-adapted emissions MRV system for climate disclosures, and creating a carbon data collection and management platform, the plan aims to enhance the foundation for responding to carbon regulations.

* The amount of carbon emissions generated throughout the life cycle of a product or service (including material procurement, preprocessing, production, distribution, disposal, etc.).

There are plans to implement various support programs, including training and consulting, to enhance the carbon emission measurement capabilities of domestic small and medium-sized enterprises.

In the future, the government will establish a cross-departmental collaboration system in conjunction with the Commission and will further accelerate support for enhancing the carbon competitiveness of Korean companies.

For further information, please contact the Public Relations Division. 

Contact person: Gina Lee, foreign media spokesperson

Phone: +82-44-201-6055

Email: gcjgina @gmail.com