[NEWS ANALYSIS] 'Korea's low carbon initiative still unclear, lacks specifics'

This picture taken on October 26 shows a 2,500 cubic-meter tank containing liquid hydrogen at Kobe Port Island plant in Kobe, Hyogo Prefecture, where a special shipping terminal has been built in order to import liquid hydrogen from Australia. AFP-Yonhap

By Lee Kyung-min

Korea's vision to go carbon-neutral by 2050 is drawing criticism as the plan lacks specific details and is just a grand announcement, experts said Monday.

For Korea, known for its heavy reliance on fossil fuel energy, joining the global wave of green energy is a step in the right direction.

Yet unless backed by a specific goal to reduce carbon emissions and scale down investment in and financing of coal-powered projects overseas, the much-touted move will become a hollow pledge, they said.

Increasing research and development in related sectors will facilitate the development of new technologies to utilize renewable energy at a cheaper cost and benefit a greater number of people as well as key industries, enabling them to reduce production costs.

This will in turn bolster the competitive edge of local export firms, whose solid performance on the global stage will translate directly to much-needed economic stimulus.

"It should be about shattering the misconception," United Nations Environment Programme Finance Initiative (UNEP FI) Korea Representative Lim Dae-woong said.

The cost to produce electricity, according to the expert, is 100 won ($0.09) per kilowatt in Korea, but it costs about 40 won or 50 won using renewable energy in China, Hungary and India among many other countries seeking to go carbon neutral.

China and Hungary can serve as a viable comparison for Korea, as they are at a similar latitude and therefore receive a similar amount of sunlight.

This in his view is an indication that Korea needs to look to those countries and learn how they are able to use the more sustainable source of energy at a far lower price.

"The technologies are there. It is about whether the government and the private companies are ready to open up to the idea of using renewables as a stable energy source. They produce solar energy by running related facilities only about three hours a day. Korea can do that too ― I don't see why not."

The push should come first from the government, he added, by declaring that the country will produce half of its energy via renewables by 2030, for example.

"Declaring an initiative itself has a far-reaching impact, especially when it comes from the President. What should follow thereafter is a way to induce investment from businesses whose corporate profit will be closely tied to the government's policy consistency."

A report from the Korea Institute for International Economic Policy (KIEP) said the government should push for more drastic measures to better comply with the global move to fight climate change.

"The government should set up and implement policies that will fundamentally change the mindsets of all Korean people, most of whom have remained indifferent to the need to go green. A long-term policy outline therefore is crucial to maintain policy consistency," the report said.

The recommendations came after President Moon Jae-in declared Oct. 28 that Korea will seek to reduce greenhouses gas emissions to zero by 2050, the first-ever pledge made by the country.

"We, together with the international community, will actively respond to climate change and achieve carbon neutrality by 2050," he said before the beginning of the legislative review of the 2021 budget at the National Assembly on Yeouido in Seoul.

Eight trillion won will be spent for the Green New Deal, a key part of the Korean New Deal, seeking to identify a new source of sustainable economic growth. The remaining components of the overarching policy initiative are the Digital New Deal and job creation, designed to help the economy overcome the fallout of the COVID-19 pandemic by cutting coal dependence.

Some 1.3 trillion won will be spent by 2022 on improving indoor air quality and heat retention in government-rented homes and old public buildings, including community health centers, state-run hospitals and daycare centers. The government said this will create 35,000 jobs and reduce greenhouse gases by 280,000 tonnes.

The use of public transport will be promoted and a greater number of charging stations for electric vehicles (EVs) and hydrogen fuel cell vehicles (FCEVs) will be built.

The broad pledge was followed by a way to foster the automotive industries announced Oct. 30. President Moon said the government will invest 20 trillion won over the next five years to build 500,000 small, fast-recharging facilities for EVs near residential areas nationwide, and 15,000 at key locations frequented by drivers by 2025.

A hundred large refilling stations for FCEVs will be set up in Seoul, Incheon and Gyeonggi Province by the early half of 2021 and the number will be increased to 450 by 2025.

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