On 6 December 2016, the South Korean government released its Basic National Roadmap for Greenhouse Gas Reductions by 2030. The roadmap outlines a key role for carbon markets in reaching the country’s INDC target of reducing emissions 37% below business as usual (BAU) levels by 2030. Based on the government’s BAU forecast of 851 Mt CO2e of emissions in 2030, South Korea must reduce 315 Mt (6%) below 2013 levels. The 2030 climate roadmap breaks down the national target to the sector level.
Four sectors are expected to deliver a large share (59%) of the emissions reductions: 64.5 Mt for the energy sector, 56.4 Mt for the industry sector, 35.8 Mt for the building sector and a 28.2 Mt reduction to be achieved by new energy industries (mainly carbon capture technologies and electric vehicles). All other sectors are expected to deliver 11% (34.1 Mt below BAU) of South Korea’s 2030 target. Together, these efforts total 70% of South Korea’s national 2030 target. The remainder will be met via the use of international offsets.
However, the roadmap outlines that the use of such offsets would be contingent on the following conditions: the international community would have to finalize negotiations about the new international market mechanism, the market would have to be sufficiently developed and a fund-raising measure must be agreed upon.
