SEOUL, March 9 (Korea Bizwire) — South Korea on Tuesday launched a new committee with business groups from chip and display industries aimed at cutting emissions of greenhouse gases, in line with the country’s vision to go fully carbon neutral by 2050.
Under the ties with the Korea Semiconductor Industry Association and the Korea Display Industry Association, along with local businesses, the committee will make joint efforts to develop environment-friendly technologies to reduce emissions, according to the Ministry of Trade, Industry and Energy.
The semiconductor industry, the backbone of Asia’s No. 4 economy, accounted for 2.35 percent of the nation’s total emissions of greenhouse gases in 2018. That of the display segment came to 1.94 percent.
“Around 70 percent of the greenhouse gases produced by the chip and display industries were produced indirectly by consuming electricity,” the ministry said in a statement, hinting it is crucial for their production lines to improve energy efficiency.
The government said it plans to spare no efforts to support the companies, hinting it will come up with more tax benefits for those that more greatly reduce their carbon footprints.
Last year, South Korea declared it plans to accelerate the reduction of reliance on coal as it nurtures eco-friendly industries and builds up the low-carbon economic structure in a bid to achieve carbon neutrality by 2050.
Carbon neutrality has emerged as part of the global agenda for fighting climate change since the Paris climate accord went into effect in 2016.