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Finance chief urges firms' cooperation for new greenhouse gas emission goal

All News 15:20 October 08, 2021

SEOUL, Oct. 8 (Yonhap) -- Finance Minister Hong Nam-ki called Friday for South Korean companies to cooperate with the government's effort to go carbon neutral by 2050 as the country drastically raised its target of reducing greenhouse gas emissions.

Hong's appeal came hours after the government announced its ambitious goal of reducing greenhouse gas emissions, or nationally determined contribution (NDC), from 26.3 percent to 40 percent by 2030 compared with 2018 levels.

The country will finalize its NDC this month after collecting public opinions, and submit it to a U.N. climate summit to be held in London in November.

This photo, provided by the Ministry of Economy and Finance on Oct. 8, 2021, shows Finance Minister Hong Nam-ki (L) speaking at a meeting with the heads of five business lobby groups, including Chey Tae-won, chief of the Korea Chamber of Commerce and Industry (R). (PHOTO NOT FOR SALE) (Yonhap)

Hong called for corporate cooperation for the government's efforts to curtail greenhouse gas emissions, which scientists say are to blame for global warming.

"It will be tough to meet the goal of carbon neutrality and implement the NDC, but we must go on that path together," Hong said during his meeting with the heads of five business lobby groups.

The minister said the government will support local firms by easing their financial burdens, as it has earmarked some 12 trillion won (US$10.1 billion) in budget for carbon neutrality next year, up 63 percent from this year.

SK Group Chairman Chey Tae-won, chief of the Korea Chamber of Commerce and Industry, said there are grave concerns about whether it would be feasible to meet the 2030 NDC target, noting meeting the carbon neutrality goal will place heavy burdens on companies.


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