S. Korea to reduce greenhouse gas emissions by 37 pct by 2030

South Korea on Tuesday announced a plan to reduce greenhouse gas emissions by 37 percent compared with the Business As Usual (BAU) by 2030.

The plan was approved at the Cabinet meeting convened by Prime Minister Hwang Kyo-ahn, according to joint statements by government ministries.

The 37 percent cut means the carbon dioxide emissions should be cut by 37 percent from an estimated amount emitted in 2030 if no measures are taken and businesses are run as usual, or BAU.

Under the plan, the country's combined emissions of greenhouse gas should fall to 535.87 million tons of carbon dioxide equivalents (CO2-e) by 2030, compared with the BAU amount of 850.6 million tons of CO2-e.

The 25.7 percent cut would be achieved by reducing emissions among local companies and people, with the 11.3 percent cut set to be met by purchasing international carbon credits.

Prime Minister Hwang said that the emissions reduction target was set at a higher level than earlier proposed to use the emissions cut as an opportunity to create new energy industries. He vowed to come up with measures to minimize burden for companies.

The industrial circles strongly resisted the plan. About 30 economic organizations and some 40 energy and power plant operators announced a joint statement, denouncing the plan for the expected higher production costs. Endi