#Author:Er Soka Samanth kumar, Mechanical Engieering NIT Sikkim India https://nitsikkim.ac.in/
South Korea faces a significant challenge in decarbonization due to the role petrochemicals play in its economy. However, the government has committed to a transition with a target of reaching Net Zero by 2050 announced in October 2020. President Moon Jae-in’s plans, made as part of a budget address to the national assembly, include spending 8 trillion South Korean won (KRW) (USD7 billion) on a Green New Deal, including KRW4.3 trillion on infrastructure for electric and hydrogen-powered vehicles and KRW2.4 trillion on upgrading buildings and urban spaces. He also said that the country would replace coal-fired power stations with renewable generationThe main mechanism at present is the emissions trading scheme set up in 2015, with changes planned under which credits will be charged for rather than freely available as at present, as well as more sectors being covered. Reflective of this, Lee says that there is a strong trend for Korean companies to announce Net Zero target dates, but as with the government, details may be lacking.
