Kim Wansup: S. Korea actively developing carbon-free energy sources

South Korea has made significant progress in combating the climate crisis by reducing emissions by 13.9% while growing its economy and reducing its carbon footprint, South Korea's Minister of Environment and Climate Kim Wansup said at a high-level meeting during COP29, Report informs.

The minister emphasized that Korea is actively developing carbon-free energy sources, such as renewable energy and nuclear power, and improving industrial processes.

"Korea achieved a 13.9% reduction in emissions in 2023 compared to 2018. Carbon-free energy is energy that produces no carbon emissions during its production, storage, transportation, and use," he added.

Korea has also initiated the Carbon-Free Alliance (CFA), which includes 10 countries. The minister called on other nations to join this movement aimed at ensuring carbon neutrality.

"Our GDP has grown while greenhouse gas emissions have decreased, demonstrating Korea's transition to a low-carbon economy and climate transparency," he noted.

Kim Tae-wop also spoke about the Korean Emissions Trading System (KETS), introduced in 2015, which played a key role in reducing emissions.

"Next year, on KETS' 10th anniversary, we plan to strengthen its market function and increase the share of auctions for further emission reductions," he stated.

Noting the importance of collective participation in fighting the climate crisis, the minister also discussed the development of national climate goals for 2035.

"Our 2035 NDCs will be scientifically based, feasible, and cost-effective," he said, adding that the country will consult with stakeholders before setting goals. South Korea is also actively expanding its voluntary contributions to climate aid and cooperation.

"Since 2018, we have been conducting a greenhouse gas training program with the Secretariat, and next year we will increase the program's budget fourfold," the minister said, adding that the initiative will promote experience and knowledge sharing with other countries.