Measures to utilize international reduction performance for achieving the Republic of Korea’s 2030 NDC

Abstract

ROK submitted 37 percent of its 2030 emissions forecast as a reduction target in June 2015. Accordingly, RoK changed its existing goal based on highly variable and uncertain emission forecasts (BAU) according to changes in economic growth to an absolute amount method that is highly reliable in the international community, and confirmed a 24.4 percent reduction in 2017 to 2030 NDC in Dec. 2020. However, in the case of RoK, unlike the will to reduce greenhouse gases, it is not easy to achieve the reduction target due to the limitations of the current energy source and economic structure, and a cooperative approach under Article 6.2 of the Paris Agreement must be considered. Therefore, it shall
require institutional grounds and the means of securing financial resources for implementing and activating overseas reduction projects to efficiently achieve national GHG emissions reduction targets established in the “GHG reduction hub in ROK”. Thus, the international carbon market shall be listed to be revitalized in the future, considering diverse efforts to accomplish RoK’s global objectives and goals for tackling the climate crisis and the declaration on 2050 carbon neutrality.