Being Realistic
The Korean government has adjusted its greenhouse gas emission reduction plan for 2020, which was announced six years ago, to better reflect reality and prevent the regulations of the plan from strangling the national economy. At present, the commercial employment of techniques for greenhouse gas reductions are being delayed, while major industries’ energy efficiency is relatively higher than in other countries.
The former Lee Myung-bak administration declared in 2009 that it would reduce Korea’s greenhouse gas emissions to 30 percent below BAU in an effort to accelerate green growth. At that time, the United States and China, the two largest greenhouse gas emitters, were rather passive in view of industrial competitiveness.
Since then, the Federation of Korean Industries and a number of entrepreneurs and companies have demanded that the government alter the goal. The federation warned that the greenhouse gas reduction plan would result in a rise in manufacturing costs and product prices, driving manufacturers abroad and compromising their competitiveness.
Under the circumstances, the government recently decided to hand in its Intended Nationally Determined Contributions (INDC) to the U.N. this month. “The INDC is to set a goal for 2030 in advance and then modify the goal for 2020 in accordance with it,” the government explained, adding, “Both the goal and the estimate for 2020 are expected to be altered.”