New Climate Regime

 

The Paris Agreement was signed on Dec. 13, signaling the emergence of a new climate regime scheduled for 2020. The new regime, which constitutes a key paradigm shift regarding energy policy for lesser use of fossil fuels, is expected to be an opportunity and a threat to Korea at the same time. Korea has to come up with and carry out new measures in conformity with international standards, but the agreement can be a growth driver of its industries as well.

Korea is one of the countries that emit the largest amount of greenhouse gases. According to data released by the International Energy Agency in 2012, Korea ranks seventh in terms of greenhouse gas emissions, accounting for 1.87 percent of the global total emissions. Likewise, its carbon dioxide emission amount per capita is 11.8 tons, equivalent to more than 260 percent of the global average. The World Resources Institute said that Korea ranks 12th when it comes to the cumulative carbon dioxide emissions between 1850 and 2011.

A pending issue is greenhouse gas reduction by means of the lesser use of fossil fuels. Earlier in June this year, the Korean government announced that it would reduce the emissions by 37 percent more than the BAU for 2030 and submitted the plan in the recent conference in Paris. Industries are opposed to the plan, claiming that it is a tall order.

Meanwhile, civic environmental organizations are claiming the other way around, mentioning that the Korean government’s target is lower than those of the U.S. and Europe, and the industrial part accounts for only 12 percentage points out of the 37 percent.

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