(Unofficial Translation)

Good afternoon, everyone. Prior to the COP26 summit to be hosted by the United Kingdom, we have convened this crucial meeting to effectively decide on the 2050 carbon neutrality scenarios and improved 2050 nationally determined contributions. I am grateful to private-sector Co-chair Yun Sun-jin and other committee members for their hard work. They have held over 100 meetings to discuss carbon reduction goals and policy measures in depth. Through round tables and debates with various sectors of society, the committee has also exerted all-out efforts to sound out opinions from stakeholders and the public. My deep appreciation goes to all of you.

The climate crisis has become the immediate problem of today, not something off in the distant future. In August, the Intergovernmental Panel on Climate Change released a bleak prospect: If greenhouse gas emissions remain at current levels, the timing of the 1.5°C increase in the earth’s temperature is very likely to come before 2040, a decade faster than the previous prediction. It added that extreme weather will be more frequent. The world has already been suffering immense difficulties due to abnormal weather conditions caused by global warming. During this past summer, record-breaking downpours, floods, heat waves and wildfires caused tremendous loss of life and astronomical property damage. These are truly nature’s way of sending humanity unmistakable warnings.

The international community is also responding in very desperate and urgent ways in line with the unfolding situation. Since the 2015 Paris Agreement, as many as 134 nations have declared carbon neutrality goals or expressed support for that cause. Most countries have committed to reducing their greenhouse gas emissions much more significantly than in earlier targets. The European Union, the United States and other major advanced countries are reinforcing various environmental restrictions, including the introduction of a carbon border tax. An increasing number of businesses are also declaring their commitment to the RE100 project, which calls for the exclusive use of renewable energy. Capital markets, too, are using corporate efforts to achieve carbon neutrality as important conditions and standards for investment. The international order and trade environment are definitely changing rapidly.

As a responsible member of the international community, our country will also join forces in efforts to sustain the survival and development of humanity. If for no other reason than to enhance our economy’s continued growth and national competitiveness, we will move to reduce greenhouse gas emissions and achieve carbon neutrality faster than before. The nation’s fate depends on it.

The proposal to enhance our interim 2030 Nationally Determined Contributions – to be deliberated and decided upon today – clearly shows the international community our commitment to carbon neutrality. By 2030, we plan to cut our emissions by 40 percent compared to 2018 levels, a sharp increase from the previously announced 26.3 percent. This is the most ambitious reduction goal possible, given our situation. Some advanced nations on the frontline of climate responses have been striving to cut their emissions for a longer period since they already reached emission peaks in the 1990s or 2000s. In comparison, Korea, having reached its emission peak in 2018, has to reduce greenhouse gases at a much steeper rate. Therefore – in terms of the speed of the cuts – our goal is very fast paced and challenging. Industry and labor may have major concerns about whether they will ever be able to cope. The Government will render all possible policy and financial support so the burdens are not shifted onto businesses alone. Now is the time for the people as well to come forward and take action. Only if the Government, businesses and the people unite and join forces can we achieve our goal.

We will make reducing greenhouse gases domestically a top priority while simultaneously working to cut them abroad. We will contribute to achieving carbon neutrality on a global level by using our low-carbon technology and investments to help latecomers with their reduction efforts. This is also the way to fulfill my Administration’s pledge to increase its bridging role between leading countries and latecomers in terms of climate crisis responses. It will also be an opportunity for both our domestic low-carbon technology and our industries to expand their advances overseas.

The 2050 carbon neutrality scenarios present the direction we should go, and they are our grand goal to proudly embark on a path that no one has ever taken. These two scenarios prove our willingness to reduce emissions as much as possible in each sector as well as our determination to increase the amount of carbon absorption through the development of relevant technologies and the expansion of carbon sinks. We will do this while even keeping future technological advances in mind. It’s a very difficult path, but we must boldly take on and fulfill this challenge.

In order to reduce greenhouse gas emissions and realize carbon neutrality, the entire country will have to respond by mustering all the forces available.

First, the use of solar and wind power as well as other renewable energy sources has to be expanded, and our energy mix must be sweepingly readjusted to one that has primarily eco-friendly sources. We should also spur the formation of a hydrogen economy ecosystem that produces, stores, transports and utilizes hydrogen, a key energy source in the carbon-neutral era. 

Second, I also ask each sector to redouble their efforts to expand carbon sinks while taking extraordinary steps to reduce greenhouse gas emissions. First of all, we have to quickly transition to a low-carbon industrial structure. It is very fortunate that industries are working so hard to that end. The Government will support and buttress such efforts by companies as much as possible. Moreover, steps to reduce greenhouse gas emissions must be taken in various areas, including buildings, transportation and waste as well as agriculture, livestock farming and fisheries. Of note, we will further accelerate the distribution of electric cars, hydrogen-powered vehicles and other eco-friendly automobiles and take the lead in those global markets. I also urge you to strive to reduce methane emissions, which have recently gained more attention worldwide as they have a much higher greenhouse effect than carbon dioxide.

Working to increase carbon sinks is also important. Along with the efforts to enhance the absorption capacity of forests, new carbon sinks should continue to be expanded, for instance, by forming urban forests. In particular, I urge you to strengthen efforts to raise the absorption capacity of the sea, for instance, by creating coastal wetlands and sea forests and taking advantage of mud flats.

Third, our inclination toward heavy energy consumption has to be changed. Public participation and cooperation is a must. Our food, clothing and shelters themselves are the main source of carbon emissions. Small actions like conserving as much energy as possible, using eco-friendly energy and public transportation, cutting back on the use of plastics and planting trees – when added up – will help us move toward a carbon-neutral society.

The Government will provide all of the support necessary to take the lead in the carbon-neutral era. Through the Framework Act on Carbon Neutrality, we have established a regime to systematically push for that cause. A fiscal budget system was also introduced to verify whether various policies are conducive to reducing greenhouse gas emissions. The funds allocated to promote carbon neutrality next year will be sharply expanded to 12 trillion won. We will further increase our financial support in this area going forward. Most of all, it is an era in which securing low-carbon technology determines national competitiveness. The Government will increase investment in technological development and do all it can to create new jobs and secure new future growth engines to spearhead the carbon-neutral era. We will endeavor to turn the challenge of carbon neutrality into a new opportunity for young people and future generations.

Thank you.