CLIMATE ACTION Tracker (CAT) is an independent research project on climate policies conducted by Climate Analysis and NewClimate Institute, who recently criticized South Korea’s carbon neutrality plans as being “highly inefficient.” Despite the government’s vocal stance regarding climate action, the strength of the policies remains dubious.

International and domestic climate action

   The climate action movement reached new heights in recent years. The Conversation reported that the Welsh, Scottish, and U.K. parliaments declared a “climate emergency” in 2019, followed by over 110 countries. In 2020, China announced the goal of reaching carbon neutrality before 2060, and the United States reentered the Paris Agreement in 2021 [1]. South Korea followed suit with the Green New Deal as an extension of the Paris Agreement under the United Nations Framework Convention on Climate Change (UNFCCC).

   Rapid industrialization in the last century led Korea to become one of the worst polluters worldwide. The research paper Evolution of Environmental Policy in Korea and Its Future Task, 1963-2007 [2] explained that environmental regulations in the 60s and 70s were largely ineffective due to the prioritization of economic growth. After the 1992 Rio Summit, Korea signed treaties for reducing greenhouse gas emissions, but financial growth was prioritized once again with the 1997 Asian Financial Crisis.

   The government started focusing on environmentalism in recent years, albeit with significant criticism. The Green Growth Strategy put forth by the Lee Myung-bak administration was widely criticized for its ineffectiveness [3]. Ex-president Park Gun-hye’s policies were even more lackluster; Korea was dubbed a “climate villain” for abandoning the 2020 greenhouse gas reduction goal and reducing the Ministry of Environment’s role in climate action strategies [4]. Intent on changing this image, President Moon announced on July 2020 the Green New Deal which focused on formulating eco-friendly cities and renewable energy development. Moreover, in October, the government adopted the 2050 Carbon Neutrality Strategy to transform various sectors of the economy such as waste management, energy production, and the industrial sector to be more eco-friendly.

Assessing Korea’s carbon neutrality strategy

   However, many claim these are not enough. In an interview with the Annals, Silke Mooldijk, one of the researchers assessing Korea’s climate policies at NewClimate Institute, explained why. “What each country should do in 2030 depends on previous emissions and wealth,” she clarified. The Paris Agreement goals were based on the notion of “common but differentiated responsibilities.” Korea’s goals were not considered to be within its “fair share range” given past emission levels.

   Korea’s National Determined Contributions (NDC), climate policy objectives set by each nation in the UNFCCC, were also critiqued. The Moon administration’s initial 2030 target was unchanged from previous plans—reducing it by 37% below the projections of the Business as Usual (BAU) model. The December update changed this; the new 2030 target aims for a 24.4% reduction of carbon emissions below 2017 emission levels. “The [new target] is better because historical values don’t change […] whereas [the BAU model] for the future might change. So I think South Korea’s target is more clear,” Mooldijk remarked. According to the CAT’s calculations, however, there is no actual improvement between the old and new targets, both resulting in around 540 MtCO2e [5]. The CAT concluded this is not enough to reach the Paris Agreement goal of limiting the rise in global temperature to below 2℃ of pre-industrialization levels.

What can be done?

   For starters, the NDCs must be more ambitious if Korea wants to realistically achieve carbon neutrality. Meaningful climate action, however, requires more than a simple adjustment of targets. Mooldijk pointed to Korea’s reliance on fossil fuel as one of the main hurdles of going green and stressed the need to invest in renewable technology. Countries like Costa Rica and Iceland already succeeded in switching the majority of their energy source to renewable energy [6]. Meanwhile, The Hankyoreh reported that 40% of Korea’s energy in 2019 came from coal; only 6.5% was from renewables. The government’s 2050 Carbon Neutrality Strategy promised to “[reorient] the existing energy supply system” but lacked a specific path for the transition, reflecting the need for more detailed plans.

   Along with the criticism of inadequate targets, the Korean government came under fire for inconsistent policies. The ₩17 trillion project to build additional coal power units and the Korea Electric Power Corporation’s (KEPCO) investment in coal plants abroad contradicted the climate action agenda [7]. The two-faced approach exacerbated Korea’s blemished reputation as a “climate villain” and sent mixed messages to the public. The government should align its actions with the climate plan in terms of consistency and urgency.

   However, to fully switch to a less carbon-dependent society, a partnership between the private and public sectors is crucial. In an interview with Maeil Business Newspaper, Fatih Birol, the Executive Director of the International Energy Agency (IEA), emphasized the government’s role in incentivizing the private sector. Birol suggested that the Korean government should focus on building the infrastructure for technological development. For instance, the Carbon Neutrality Strategy advised using the Carbon Capture and Utilization (CCU) [8] technology for high-carbon industries. However, the much-anticipated technology is currently not a reliable option for corporations; Today Energy reported that the costs are too high due to the lack of supporting infrastructure. To speed up the commercialization of the CCU, legislative and financial support is essential. Cooperation with the government’s Environmental, Social and Corporate Governance (ESG), the non-financial measurement of companies’ social impact, is also imperative. The ESG strategy in the 2050 plan encourages corporations to divulge information regarding climate-related risks. The government aims to create a reliable framework and guideline for sustainable corporate development, but this is only achievable with private businesses’ vigorous and transparent participation.

   Big corporations, who are major polluters, have the responsibility to “go green.” RE100, for example, is a global initiative for corporations that are committed to going “100% renewable.” In December 2020, several branch companies from Korea’s SK Group voluntarily joined the initiative. Unfortunately, Today Energy reported that the current structure of Korea’s energy industry, dominated by KEPCO, is incompatible with RE100. In response, the Korean government implemented measures such as the “Green Premium” [9] system and enabled consumers to make purchase agreements for electricity from renewable energy providers. By doing so, corporations are better able to join in on the movement.

   While carbon-heavy industries have to figure out how to construct less pollutive business practices, the global push for carbon neutrality can be an opportunity for new industries to flourish. For example, Hyundai’s development of the world’s first liquefied hydrogen carrier vessels and the rising popularity of their hydrogen-powered vehicles [10] bodes well for the future of the hydrogen market. According to the IEA, hydrogen will constitute a significant portion of “clean energy transitions.” This means that Korea’s growing hydrogen manufacturing sector has positive prospects for the future. The underdeveloped domestic renewable energy sector could be a “blue ocean” for renewable industries like solar grids, wind power, and marine energy production.

   It is clear there is much room for improvement, but there is still time. “It’s good that [Korea’s plans] cover a lot of sectors’ potential issues and potential solutions,” Mooldijk commented. “Now the next step is to become more concrete and specific.”

[1] BBC

[2] The Korea Association for Policy Studies

[3] The Hankyoreh

[4] Kookje Shinmun

[5] MtCO2e: Metric Ton Carbon Dioxide Equivalent; About 2204.62 pounds of CO2

[6] Smart Energy International

[7] The Hankyoreh

[8] Carbon Capture and Utilization (CCU): Technology capturing carbon dioxide to reuse it

[9] Green Premium: A system for companies to buy renewable electricity from KEPCO through an auction; According to KEPCO, companies can verify their RE100 status with this.

[10] KBS