Korea effectively sets goal to cut greenhouse gas emissions by 53-61% from 2018 level by 2035

Prime Minister Kim Min-seok speaks during a meeting of the Presidential Commission on Carbon Neutrality and Green Growth held at the Government Complex Seoul, Monday. Yonhap

A presidential commission on Monday approved a goal to reduce Korea's greenhouse gas emissions by 53-61 percent from 2018 levels by 2035.

The Presidential Commission on Carbon Neutrality and Green Growth said it endorsed the nationally determined contribution (NDC) target for 2035, slightly higher than the government's initial proposal to cut the emissions by 50-60 percent.

The government will finalize the emissions goal at a Cabinet meeting Tuesday and officially announce the plan at the 30th United Nations Climate Change Conference (COP30) in Belem, Brazil, which begins on Tuesday and runs through Nov. 21, the commission said in a release.

Under the Paris Agreement, each country is required to submit and update its NDC every five years, outlining efforts to curb greenhouse gas emissions.

Korea previously submitted its 2030 NDC in 2021, pledging to cut emissions by 40 percent from 2018 levels.

The business community voiced concerns that the proposed target would undermine competitiveness in the energy-intensive manufacturing sectors, such as petrochemical, steel and autos.

To achieve the 2035 emission goal, the government said it will expand the use of renewable energy sources, such as solar and wind power, and establish a nationwide next-generation power grid.