On December 10, Korea announced the ｢Carbon Neutrality Vision and Strategy for Industry and Energy｣, Korea’s first comprehensive strategy to achieve carbon neutrality in the industry and energy sectors which account for more than 70 percent of total carbon emissions.
The government plans to phase out coal power generation by 2050 and achieve a carbon-free energy mix with renewables and hydrogen. To this end, the government vowed all-out support with tax, finance, and regulatory innovation for firms.
Industrial R&D projects focused on carbon neutral technologies, environment-friendly infrastructure, low-carbon materials, parts and equipment, and green engineering will be pushed ahead as well.
Moreover, tailored support for small and medium-sized enterprises (SMEs), traditional industries and regional industries will be provided to achieve a fair transition involving all parts of the industrial sector.