Synopsis
South Korea's new legislation promoting the carbon capture, utilization, and storage (CCUS) industry takes effect this week, supporting eco-friendly technologies to combat climate change, with ambitious targets for greenhouse gas reduction and carbon neutrality.Key Takeaways
- New CCUS legislation starts this week
- Supports eco-friendly tech for climate action
- South Korea aims for 40% emission reduction by 2030
- Government allocates 129.3 billion won for tech development
- Focus on renewable energy and AI-driven demand
Seoul, Feb 6 (NationPress) A legislation aimed at advancing the carbon capture, utilization, and storage (CCUS) sector will come into effect this week, as announced by the government on Thursday, in response to the increasing demand for eco-friendly technologies to combat climate change.
The legislation, which supports the evolution of CCUS technologies and the growth of the industry, is set to commence on Friday, according to the Ministry of Trade, Industry and Energy, as reported by Yonhap news agency.
The ministry highlighted that the legislation outlines the procedures for CCUS, including the identification of potential locations for ocean carbon sinks and the management of these facilities, alongside supportive measures for industry stakeholders.
"With the rollout of the CCUS legislation, the government has established the necessary administrative and financial frameworks to promote CCUS technology and industry growth, while also fulfilling the country's nationally determined contribution for 2030," remarked a ministry official.
South Korea has committed to a 40 percent reduction in greenhouse gas emissions from 2018 levels by 2030 and aims for carbon neutrality by 2050.
Additionally, the government plans to allocate 129.3 billion won (approximately $88.6 million) this year to back initiatives focused on developing technologies that facilitate carbon neutrality and ensure a reliable energy supply, the industry ministry stated.
These initiatives encompass advancements in renewable energy technologies, including next-generation solar and hydrogen power, as well as optimizing the operation of nuclear power plants, all part of South Korea's efforts towards achieving net zero carbon emissions, according to the Ministry of Trade, Industry and Energy.
South Korea has previously pledged to lower its greenhouse gas emissions by 40 percent from 2018 levels by 2030 and achieve carbon neutrality by 2050.
Some of the allocated funds will also contribute to enhancing the reliability of the nation's energy supply, given the rising electricity demand driven by the emergence of artificial intelligence (AI) and other advanced technologies, alongside climate change challenges.
