Korea to cut carbon emissions by 37% by 2030

Following the enforcement of the Paris Agreement, Korea announces new plans to drastically cut greenhouse gas emissions by 2030. Lee Minyoung has this report. Korea mapped out a new plan to drastically cut greenhouse gas emissions by 37 percent,…or 3-point-15 million tons, by 2030. This road map, approved by Prime Minister Hwang Kyo-ahn at a Cabinet meeting on Tuesday, comes on the heels of the adoption of the Paris Agreement on Climate Change led by the United Nations and which entered into force in Korea on December 3. To minimize the impact on the economy, the government decided to keep the reduction rate below 12 percent in the industrial sector. To break down the numbers,… At home, the government plans to cut 64-point-5 million tons solely in the country's power generation sector, while the industrial sector will have to meet the target of reducing 56-point-4 million tons of carbon emissions as well.

Buildings will also decrease their carbon emissions by 35.8 million tons and the energy sector will have to cut back emissions by more than 28 million tons. The government says it will strictly ban the construction of new coal plants and increase the supply of green energy that uses renewable sources, such as solar power. The ministry said it will double its scheduled renewable portfolio standard,…or RPS…which requires electricity supply companies to use a certain amount of renewable energy sources when producing energy,…. to 7 percent by 2020. The rate is currently set at three and a half percent. The public sector will inject more than 950 million U.S. dollars into R&D in the clean energy field by 2020,…and companies will also be given more emissions rights when they invest more on eco-friendly facilities. Lee Minyoung, Arirang News..