Policy Overview

In December 2020, the South Korean government announced the 2050 Carbon Neutrality target. The 2050 target was legislated through the Carbon Neutrality and Green Growth Framework Act on the 31st August of 2021.

Evidence Profile

011111210

Key

opposing not supporting mixed/unclear
supporting strongly supporting

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.

Evidence Profile

011111210

Key

opposing not supporting mixed/unclear
supporting strongly supporting

Live Lobbying Alerts

Korea Automobile Manufacturers Association unsupportive of Korea's carbon neutrality policy

30 June 2022

At the 27th Automobile Industry Development Forum on the 20th June, the Director of the Korea Automobile Manufacturers Association (KAMA) Policy Research Institute did not support South Korea's carbon neutrality policy, citing “a great burden on the automobile industry”, and suggested that the carbon neutrality process should “slow down”. He also stated that it was necessary to “change the regulation-oriented electric vehicle supply policy to an incentive-oriented policy”.

Entities Engaged on Policy

Influencemap Performance BandOrganizationEngagement Intensity
EKorea Automobile & Mobility Association (KAMA) (formerly Korea Automobile Manufacturers Association)22AutomobilesAsia
D+Hyundai Steel Co12Metals & MiningAsia
D+Korea Business Council for Sustainable Development (KBCSD)8All SectorsAsia
EKorea Petroleum Association (KPA)12EnergyAsia
D+POSCO29Metals & MiningAsia
D-Korea Enterprises Federation (KEF)16All SectorsAsia
D+Korea International Trade Association (KITA)14All SectorsAsia
E-Federation of Korean Industries (FKI)20All SectorsAsia
D+Korea Electric Power Corporation (KEPCO)28UtilitiesAsia
D-Korea Petrochemical Industry Association (KPIA)8ChemicalsAsia
DKorea Chamber of Commerce and Industry (KCCI)26All SectorsAsia
N/AKorea Semiconductor Industry Association (KSIA)4Information TechnologyAsia
D+Hyundai Motor Group36AutomobilesAsia
D-GS Energy8EnergyAsia
D+Korea Gas Corporation (KOGAS)12EnergyAsia
B+Korea New and Renewable Energy Association (KNREA)11EnergyAsia
D+Lotte Chemical10ChemicalsAsia
DKorea Iron and Steel Association (KOSA)21Metals & MiningAsia
C-KT Corporation6TelecommunicationsAsia
C-H2KOREA13EnergyAsia