This Act commits South Korea to achieving carbon neutrality by 2050. It repeals and replaces the Framework Act on Low Carbon Green Growth. South Korea has also passed an executive Enforcement Decree, which is the implementing regulation for this Law.
Article 3 of the Act stipulates that a transition to a carbon-neutral society and green growth shall be promoted according to the following criteria: 1) the principle of intergenerational equity, 2) a comprehensive crisis response strategy that take into account external circumstances and the economic landscape, 3) establish adaptation and mitigation policies that are comprehensive of all sectors and based on scientific predictions, 4) climate justice and just transition, 5) the polluter pays principle by reorganizing the tax system and financial system, 6) strengthening investment and support for green technologies and green industries with high growth potential and competitiveness, and create jobs, 7) ensure democratic participation, and 8) actively participate in the efforts of the international community to limit the increase in global average temperature to a maximum of 1.5 degrees Celsius compared to pre-industrial levels, do not undermine environmental and social justice in developing countries, and Strengthen cooperation to support the response.
The Act requires the government to cut its greenhouse gas emissions in 2030 by 35% or more from the 2018 levels and consists of several policy measures to achieve carbon neutrality by 2050 (chapter 2). This target was amended to 40% in the Enforcement Decree (the Law's implementing regulation).
The Act establishes:
- the national carbon-neutral green growth master plan (chapter 3)
- the 2050 Carbon Neutral Green Growth Committee (chapter 4)
- the Climate Response Fund (Chapter 10) in order to effectively respond to the climate crisis and secure the financial resources necessary to promote the transition to a carbon-neutral society and green growth
The Act sets a range of adaptation obligations to the State (chapter 6). Those shall include:
1. Matters concerning the improvement of monitoring, prediction, provision and utilization of climate crises;
2. Matters concerning the assessment of the impact and vulnerability of climate crisis by sector and region;
3. Matters concerning adaptation measures to climate crisis by sector and region;
4. Matters concerning the prevention of disasters for the vulnerable classes, regions, etc. due to the climate crisis;
5. Matters concerning international agreements for adaptation to the climate crisis, etc.
6. Other matters prescribed by Presidential Decree as necessary for adaptation to the climate crisis.

Carbon Neutral Green Growth Framework Act to tackle the Climate Crisis

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An aim to achieve a quantifiable outcome within a given time-frame, set by an institution such as a national government.

Policy instruments are techniques or tools used by governing authorities to promote certain policies in order to achieve predetermined goals. Put simply, instruments are how a government tries to achieve its goals, with this taxonomy being focused on national policy instruments.

Risk is the potential for adverse consequences resulting from the dynamic interplay between (climate-related) hazards, exposure, and vulnerability of affected human or ecological systems.

Groups  of people who are adversely affected by climate change or the response to it

A set of principles, processes, and practices that build economic and political power to shift from an extractive economy to a regenerative economy.

Justice is the ethical and political framework that addresses fairness, including issues of responsibility, rights, and structural inequity.

Renewable energy means all forms of energy produced from renewable sources in a sustainable manner.

Fossil fuel is a generic term for non-renewable energy sources such as coal, fossil gas, and oil (including crude oil, and petroleum products), that can be used for electricity and heat generation. Fossil fuels are hydrocarbons formed from pressurised and heated organic material buried over millions of years.

Molecules in the atmosphere that play a key role in the greenhouse effect by trapping heat radiating from Earth’s surface.

Area of the economy in which actors engage in identical or related activities.

In human systems, the process of adjustment to actual or expected climate change and its effects, in order to moderate harm, increase resilience or exploit beneficial opportunities. In natural systems, the process of adjustment to actual climate change and its effects; human intervention may facilitate adjustment to expected climate change and its effects.

The management and allocation of funds, assets and investments to meet various objectives

Conditions that enhance the feasibility of adaptation options. Enabling conditions include finance, technological innovation, strengthening policy instruments, institutional capacity, multi-level governance and changes in human behaviour and lifestyles.

The release of heat-trapping gases, primarily from human activities such as burning fossil fuels, agriculture and industry.

A long-lived, colourless gas, chiefly emitted from fossil fuel combustion, deforestation and cement production.

A potent, short-lived greehouse gas, largely released from livestock, fossil fuel extraction and waste management.

Risks to the ecosystem health of the marine environment, including ocean warming, ocean acidification, and ocean deoxygenation, harming biodiversity, species health, ecosystem services, and coastal community livelihoods.

Extreme weather refers to events where a weather variable exceeds (or falls below) a threshold. Meaning it is significantly different from the average or usual weather pattern.

Terrestrial means "of the earth" and relates to the risks to ecological system that includes all living organisms and their interactions within land-based environments, such as forests, grasslands, and deserts.

the fair distribution of risks and opportunities of climate change and the transition to a regenerative economy, cognisant in particular of disproportionate impacts on vulnerable communities and the working class

Climate change impacts our society by disrupting the natural, economic and social systems we depend on. Physical hazards and underlying vulnerabilities can lead to increased resource competition for food and water, which can heighten the risk of conflict.

Slow onset events evolve gradually from incremental changes over many years or from increased frequency or intensity of recurring events. As defined in the Cancun Adaptation Framework (2010), slow onset events include risks and impacts from rising temperatures, desertification, biodiversity loss, land and forest degradation, glacial retreat, ocean acidification, sea level rise, and salinization.

Carbon Neutral Green Growth Framework Act to tackle the Climate Crisis

Risk

Impacted group

Just transition

Climate justice

Fossil fuel

Greenhouse gas

Adaptation/resilience