President Moon Jae-in officially announced South Korea‘s target of becoming carbon neutral by 2050 in his address to the nation on Thursday.

Moon said going carbon neutral cannot not be delayed any further as Korea looks to overcome the climate crisis and aim for a sustainable future, according to the presidential office.

By promising carbon neutrality, Korea will raise new, promising industries, activate a circular economy and help form a low-carbon ecosystem for the business sector, Moon was quoted as saying.

Carbon neutrality -- the idea of achieving net-zero carbon dioxide emissions either by balancing emissions with removal or eliminating emissions altogether -- has risen as a priority agenda globally since the Paris Agreement took effect in 2016, and even more amid the ongoing pandemic.

Adding fuel to Korea’s green aspiration is the growing concern over a lukewarm response to climate change and its impact on the country’s highly trade-dependent economy.

In keeping the international promise, Moon urged the government to take an active role and lead fair transition to upcoming innovations and changes while heightening support for research, finance and investments.

Moon also asked every Korean to cut down their use of plastic and participate in protecting the environment for the country to truly reach its 2050 goal, his office added.

South Korea is the latest major economy to commit to carbon neutrality, following the European Union last year and Japan in October. China also committed in September to achieve carbon neutrality by 2060.

Moon has previously mentioned carbon neutrality as a serious goal to which Korea should commit in supporting the global fight against climate change, presenting a vision where renewables replace fossil fuel in power generation.

In an annual budget policy speech at the National Assembly in October, Moon said Korea, one of the world’s most fossil fuel-reliant economies, will “strive to become carbon neutral by 2050” as part of the government’s Green New Deal drive.

Moon also envisioned creating a government-private organization to implement policies speedily and open a new vice-ministerial position to be in charge of energy police under the Ministry of Trade, Industry and Energy.

The government at the moment is preparing specific plans for Korea to achieve the 2050 goal. Ministries announced earlier that they will incorporate realigning the carbon emission tax scheme and nurturing eco-friendly automobile businesses into their plans.

In promoting international cooperation toward carbon neutrality, Cheong Wa Dae said Korea is on track to host the second Partnering for Green Growth and the Global Goals 2030 summit of 12 member countries in May next year.

By Ko Jun-tae (ko.juntae@heraldcorp.com)