Establishment of the 2050 Carbon Neutrality and Green Growth Commission of the Republic of Korea

• The 2050 Carbon Neutrality Commission of the Republic of Korea is a newly established in May 2021. The 2050 Carbon Neutrality Commission seeks to secure implementation stategies and smooth implementation of policies after the 2050 carbon neutrality declaration (October 2020), Renamed as the 2050 Carbon Neutrality and Green Growth Commission (March 2022). 
  * Held 2 Plenary meetings, 10 Planning and Management meetings, 72 Sub-Commission meetings, 33 Expert Commission meetings, 26 Consultation Body meetings etc. (as of the end of November 2021)

Establishment of carbon neutrality implementation system

• Enacted the Framework Act on Carbon Neutrality and Green Growth(FACNGG)* (world’s 14th) and increased 2022 carbon neutrality budget to KRW 12 trillion (newly established KRW 2.5 trillion volume climate fund)
  * Integrated and reorganized the current Framework Act on Low Carbon and Green Growth based on the achievement of the 2050 carbon neutrality goals in a way that fosters sustainable development, including the establishment of and evaluation on implementation plans, the assessment on fund/climate impacts, and the installation of a public-private commission and its Secretariat.

Functions of the 2050 Carbon Neutrality and Green Growth Commssion

• Management of carbon neutrality policies + Center of participation and communication
  - Matters related to national carbon neutrality vision and national policies
  - Matters related to the responses to climate change and energy policies for the transition into a carbon-neutral society
  - Deliberation on matters related to the promotion of the national understanding of carbon neutrality, Public Realations, communication etc.

Preparation of the 2050 Carbon Neutrality Scenarios

• Prepared ‘2050 Carbon Neutrality Scenarios’ that charters paths toward a carbon-neutral society, the direction of technological development, policy strategies and priorities, size of execution, etc. (October 2021)
  - Announced three versions* of drafts of the 2050 Carbon Neutrality Scenarios (August 5) and collected opinions from different sectors of society and the general public** (August through October)
  * Key carbon reduction methods assessing the current state of 1) coal (fossil fuel) power generation, 2) the percentage of electric/hydrogen vehicles, 3) building energy management, 4) livestock management, 5) the amount of CCUS/carbon sinks secured, and 6) hydrogen supply methods, among others.
  ** Held 20 meetings with industry, civil society, youth, etc. and collected 94 opinion statements from 115 institutions/groups Suggested two draft versions* to the government to achieve carbon neutrality (net-zero) through carbon reduction strategies such as the phase-out of coal-fired power generation facilities, carbon absorption, removal, etc. for minimization of carbon emissions (October 2021) * Scenario A : to reduce carbon emissions as much as possible, including the complete phase-out of coal-fired power generation; Scenario B : to actively utilize carbon removal technologies such as CCUS(carbon capture, utilization, and storage) instead of thermal power generation.

Upgrade of 2030 NDC(Nationally Determined Contribution)

• Reduced carbon emissions by 40% (291 million tons) from the emissions of 2018 (727.6 million tons), considering the purpose of the Framework Act on Carbon and Green Growth (FACNGG), international trends, domestic conditions, etc. ⇒ Emissions in 2030: Determined at 436.6 million tons
  * (Present) To reduce emissions by 24.4% from 2017 (by 26.3% from 2018) → (2030) To reduce by 40% from 2018, which is a challenging goal compared to other developed countries, The annual average reduction rate of the upgraded Nationally Determined Contribution(NDC) plan (basis year → target year) is 4.17% per year.
  Strengthen efforts as much as possible to identify additional domestic carbon emissions reduction methods and utilize overseas reduction as a supplementary means to accomplish the 2030 target.*
  * Set reduction goals by sector such as emissions (transition/industries/building/transport/agriculture, stock breeding, and fisheries/waste/hydrogen/others), absorption and removal (carbon sinks/CCUS/overseas reduction), etc., reflect methane emissions reduction in NDC, etc.
  Announced upgraded NDC (November 1, 2021) at the UNFCCC COP26 and submitted to the UNFCCC (December 2021)