They include carbon dioxide produced during consumption of solid, liquid, and gas fuels and gas flaring. If you continue to browse this website without changing your settings, you consent to the use of cookies and other similar technologies. One of the main cross-sectoral policy instruments implemented to date is the Korea Emissions Trading Scheme launched in 2015 (ICAP, 2019b). Carbon dioxide emissions are those stemming from the burning of fossil fuels and the manufacture of cement. Korea aims to leverage the fourth industrial revolution for its energy transition and to foster green growth by means of low-carbon technologies and clean energy. In 2014, South Korea strengthened its light-duty vehicle emissions standard to 97 gCO 2 /km by 2020 (Transportpolicy.net, 2019), which is comparable to the EU’s new standards (95 gCO 2 /km) (ICCT, 2019). meREWARDS lets you get coupon deals, and earn cashback when you complete surveys, dine, travel and shop with our partners. Japan's Prime Minister Yoshihide Suga this week also set a 2050 deadline for his island nation to become carbon neutral. This means a deep decarbonisation in South Korea will rely on faster adoption of new technologies. In the transport sector, the number of annual electric vehicles (EVs) sales doubled from 2017 to 2018 to 33,000, accounting for over 2% of total new car sales in 2018 (IEA, 2019b). While it is challenging to project the eventual impact of the COVID-19 crisis on future emissions, the CAT estimates that the South Korea’s emissions may stagnate and even slightly decrease towards 2030, a trend that could be further strengthened by more stringent climate policies. The declaration comes after Chinese President Xi Jinping vowed last month that the world's largest greenhouse gas polluter will peak emissions in 2030 and go carbon neutral by 2060, in what environmentalists hailed as a major step forward. Keep up to date with our latest news and analysis by subscribing to our regular newsletter. A heavily polluted Seoul pictured in December 2019. This service is not intended for persons residing in the EU. The Renewable Portfolio Standard (RPS), which replaced a previous feed-in tariff scheme and has been in place since 2012, is the main policy instrument to promote renewable energy. The figure below, from Berkeley Earth, shows the average annual temperature anomalies for the year. For sectors, the rating indicates that the target is consistent with warming between 3°C and 4°C if all other sectors were to follow the same approach. The global GHG emissions trend has increased since the beginning of the 21st century in comparison to the three previous decades, mainly due to the increase in CO2 emissions from China and the other emerging economies. NDCs with this rating fall outside of a country’s “fair share” range and are not at all consistent with holding warming to below 2°C let alone with the Paris Agreement’s stronger 1.5°C limit. “South Korea’s announcement follows Japan’s recent pledge to become a carbon-neutral society by 2050. For the power sector, the impact of the Eighth Electricity Plan is not quantified in CAT’s analysis of South Korea’s current policy projections, due to the lack of laws or measures to implement them. While the current ruling party of South Korea publicly committed during April’s general election campaign to stop financing coal, introduce a carbon tax, and boost the development of renewables as part of its “Green New Deal”, except for renewables support, these were not adopted in the final New Deal package. We have provided a few examples below that you can copy and paste to your site: Your data export is now complete. Currently implemented policies are estimated to lead to an emissions level of 665 to 743 MtCO2e/year in 2030 (‑7% to 4% in relative to 2017 levels, that is 123% to 150% above 1990 levels) depending on the eventual impact of the COVID-19 crisis, excluding emissions from land use, land use change and forestry (LULUCF).