SEOUL, March 21 (Korea Bizwire) — South Korea decided to lower the greenhouse gas reduction target for the industrial sector, while maintaining the overall target to reduce total emissions by 40 percent by 2030 compared with 2018 levels, a presidential commission said Tuesday.
Under the adjusted target by sectors, the industrial sector will be required to cut its emissions by 11.4 percent from the 2018 levels by 2030, compared with the previous reduction target of 14.5 percent, the Presidential Commission on Carbon Neutrality and Green Growth said in a statement.
The commission cited difficulties in supply of raw materials and technology prospects as a reason for the adjustment.
“The target is eased in consideration of domestic conditions such as supply and demand of raw materials and technology prospects,” the commission said.
In contrast, the target to reduce emissions in the renewable energy sector will be raised to 45.9 percent from the 2018 levels by 2030, compared with the previous target of 44.4 percent, it said.
To meet the total target by 2030, the government will increase energy production by nuclear power plants.
“We will accelerate the conversion of clean energy by reducing coal power generation and expanding the generation of nuclear power plants and renewable energy,” the commission said.
The government will provide more financial support to help companies commercialize their technologies to cut greenhouse gas emissions, it said.