By Yoon Hee Young

The Framework Act on Carbon Neutrality and Green Growth, the legal basis for the national goal of achieving carbon neutrality by 2050 that contains the legal procedures and policy tools, will take effect on March 25.

The Ministry of Environment and the 2050 Carbon Neutrality Commission on March 22 said the law was approved at a Cabinet meeting and will be implemented from the 25th.

Korea will thus be the 14th nation to legislate a law on a vision for achieving carbon neutrality by 2050, following the others like Japan, Hungary, Canada and the European Union.

Passed and promulgated on Sept. 24 last year, the act was enacted six months later under the supervision of the commission and consultations with relevant organizations.

The law specifies both the carbon neutrality plan and the Nationally Determined Contribution target of reducing greenhouse gases 40% from 2018 levels by 2030.

Within a year after enactment, the government will devise a 20-year national basic plan for carbon neutrality and revise it every five years. Local governments will sequentially establish a 10-year basic plan for cities, provinces and other administrative units like counties and districts based on the national plan.

Seoul also set up the Climate Response Fund worth KRW 2.4 trillion to secure financing for stable enforcement of the policy and reorganization of the nation's industrial structure. The fund began operations in January.

Commission co-chairperson Yun Sun-jin said, "To achieve carbon neutrality, starting with small actions and practicing them one by one are important, and joint efforts by the government, business and the people can change the future."

Cheong Wa Dae Deputy Spokesperson Shin Hye-hyun in a written briefing said that as the legal and institutional basis for the transition to a carbon neutral society is complete, the government hopes to enable a full-scale conversion with no setbacks.

hyyoon@korea.kr