South Korea on Thursday launched a public consultation process on its post-2020 climate target, outlining four options spanning from 14.7% to 31.3% below business-as-usual levels by 2030.
The final target will be submitted to the UN before the end of the month, the Ministry of Trade, Industry and Energy (MOTIE) said, beating expectations that the Korean plan would be ready by September.
“Most of the advanced states, including the United States and the European Union, have already submitted their INDCs in March, and so the country decided to submit its own INDC before the end of June as part of efforts to contribute to the international efforts,” MOTIE said according to the Yonhap news agency.
The ministry said that with no new policies or measures, South Korea would emit 850.6 million tonnes of CO2e in 2030.
Depending on the outcome of the INDC negotiations, it will limit 2030 emissions to somewhere between 585-726 million tonnes.
The most ambitious target would equal a 15% reduction in absolute emissions compared to 2012 levels.
Seoul has pledged to keep 2020 emissions 30% below BAU levels, and in January launched an emissions trading scheme as its key measure to meet the target.
However, industry is fervently fighting the target, claiming that it is hurting the economy and causing foreign firms to abandon South Korea.
Not a single allowance has traded in the ETS since mid-January as participants refuse to sell permits amid claims they have been under-allocated by 10%.