South Korea's updated NDC targets 24.4% GHG emissions cut by 2030

South Korea has updated its Nationally Determined Contribution (NDC) to the United Nations Framework Convention on Climate Change (UNFCCC). The updated target is to reduce the total national greenhouse gas (GHG) emissions by 24.4% by 2030, from their 2017 level (709.1 MtCO_2eq), i.e. limiting national GHG emissions to 536 MtCO_2eq by 2030. South Korea will use its Emissions Trading Scheme (ETS), which covers 73.5% of the national GHG emissions, to meet its target.

In its first NDC, the country planned to lower its GHG emissions by 37% from the business-as-usual (BAU) level by 2030 across all economic sectors, i.e. from 850.6 MtCO_2eq (BAU, excluding LULUCF) to 535 MtCO_2eq. The latest allocation plan published in 2018 reduces the scope for international offsets, increasing the share of domestic mitigation necessary to reach the NDC target.

In October 2020, South Korea pledged to reach carbon neutrality by 2050. This announcement follows those of other measures, as a proposal called for ending financing coal-fired power plants overseas and for introducing a carbon tax in April 2020, and the increase of the renewables target in May 2020. CO₂ emissions from fuel combustion increased between 2000 and 2018 (2.3%/year) but declined in 2019 (-5.3%) to 630 MtCO₂ (roughly 2.6 times the 1990 level).