2050 Carbon Neutrality Target

Policy Engagement Overview

The aggregated evidence of corporate and industry engagement with the 2050 Carbon Neutrality Target of the South Korean government shows that the automotive and petrochemical industry associations and the Federation of Korean Industries were not supportive of the ambition of the target, while most other industry associations have taken broadly supportive positions of it.

In contrast, individual corporations that broadly support emissions reductions and climate action have not expressed a clear position on the target since it was announced. However, some companies have expressed public support for the target, including POSCO, KEPCO, and GS Energy.

Policy Engagement Trends

Many South Korean industry associations have publicly supported the government 2050 Carbon Neutrality target since it was finalized in 2020. The Korea Iron and Steel Association (KOSA), Korea New and Renewable Energy Association (KNREA), Korea International Trade Association (KITA), and Korea Enterprises Federation (KEF) have broadly supported the 2050 target.

Meanwhile, industry associations representing the automotive and petrochemical sectors have not supported the ambition outlined in the 2050 target. The Korea Automobile Manufacturers Association (KAMA) and the Korea Petrochemical Industry Association (KPIA) emphasized concerns about the feasibility of achieving the target. Out of the major cross-sector industry associations, only the Federation of Korean Industries (FKI) has not supported the 2050 target, citing the technological and economic viability of achieving the goal.

Companies that have vocally supported the South Korean government’s 2050 carbon neutrality target include GS Energy, POSCO, and KEPCO.