South Korea submitted its economy-wide update NDC that contains an absolute target to reduce 24.4% the GHG emissions of 2017 (709.1 MtCO2e excluding LULUCF), by 2030.The long-term goal is to reach carbon neutrality by 2050.
The sectors covered by the target are energy (supply and demand), industrial processes, agriculture, LULUCF, and waste and the gases covered are carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbon (PFCs), sulphur hexafluoride (SF6).
Republic of Korea underscores a plan to reduce its GHG emissions using a carbon market mechanism, the K-ETS, which covers 73.5% of national emissions. Moreover, Korea set its Korean Green New Deal focusing on green transition in cities, low-carbon energy, and innovative less carbon intensive industries.
In the electricity sector it focuses on the reduction of coal power generation through the ban on new coal-fired power plants, switching to eco-friendlier fuels. Also, Korea plans to increase the share of renewable energy up to 20% by 2030. In the industry sector the reliance lies on highly-efficient equipment which will reduce the consumption of fossil fuels. In the building sector, Korea pledges to 'greening' public buildings by upgrading standards of energy consumption. In the transportation sector, Korea has set a target of e-mobile vehicles by 2030 and a modal shift in freight transport from road to rail. All of these actions are embedded in the Korean New Green Deal plan (Republic of Korea NDC, 2020).
According to CAT, the update of its NDC is 'Highly insufficient". The NDC is economy-wide and now has an absolute target: 24.4% below 2017 emissions by 2030. In CAT calculations, this would be equivalent to 540 MtCO2 by 2030. However, these emissions would be reached including international credits and LULUCF sink.