In October 2021, President Moon Jae-in's government announced the 2050 Carbon Neutrality Scenario, which presents two scenarios for achieving carbon neutrality by 2050. Plan A suggests a complete phase-out of all thermal power generation, transition to electric and hydrogen vehicles, production of green hydrogen, and increase of renewable energy percentage to 70.8%. Meanwhile, Plan B suggests maintenance of some LNG power plants with CCUS, usage of environment-friendly fuel for ICE vehicles, production of blue and gray hydrogen, and increase of renewable energy percentage to 60.9%.
Key industry and civil society sectors were invited to comment over a period of two months on the contents of the draft Carbon Neutrality Scenario. The final Carbon Neutrality Scenario was passed into law in October 2021.
The current President Yoon Seok-yeol has not explicitly commented on whether his government will maintain the 2050 Carbon Neutrality Scenario, although he has confirmed that the government will maintain the 2030 emissions reduction target set by the Moon administration. However, the Carbon Neutrality Scenarios are intended to be used by individual Ministries to inform their transition roadmaps, and it is expected that with the new government these ministry scenarios will be amended.
The table below lists the entities found to be most engaged with the policy. InfluenceMap tracks over 400 companies and 200 industry associations globally. Each entity name links to its full InfluenceMap profile, where the evidence of its engagement can be found.
| Influencemap Performance Band | Organization | Engagement Intensity | ||
|---|---|---|---|---|
| D+ | Korea Electric Power Corporation (KEPCO) | 28 | Utilities | Asia |
| D+ | Hyundai Steel Co | 12 | Metals & Mining | Asia |
| D+ | POSCO | 29 | Metals & Mining | Asia |
| D+ | SK E&S | 13 | Energy | Asia |
| D | GS Caltex | 11 | Energy | Asia |
