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Increasing Global Climate Ambition and Implications for Korea
Published May 25, 2021
Publication Source: KIEP
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Since the adoption of the Paris Agreement, wider and decisive actions to tackle climate change and reduce greenhouse gas (GHG) emissions have been called for in the international community. Many countries are seeking a sustainable economic recovery plan that reflects climate change and environmental considerations. The private sector has also been trying to expand environmentally sustainable investments and disclose relevant information on climate change. In particular, major GHG emitters such as China, the United States (U.S.), European Union (EU), Japan and Korea have pledged to move forward carbon neutrality. For this goal, the EU has established action plans for the European Green Deal, including a plan for introducing a Carbon Border Adjustment Mechanism (CBAM).
In this context, this study aims to propose policy recommendations for Korea by analyzing measures to strengthen reduction targets and the economic impact of the EU’s CBAM. The following implications can be derived. First, it is necessary to support low-carbon transition efforts in industries. Second, it is also important to support low-carbon technological innovation. Third, monitoring and response measures for the CBAM should also be prepared. Fourth, the private sector should expand voluntary efforts to reduce emissions and environmentally sustainable investment. Lastly, it is necessary to actively engage in international cooperation, not only in terms of reducing GHG emissions but also responding to climate change.

This paper was published by KIEP. KIEP retains the copyright to this paper and invites readers to share and cite the work with attribution to both the author(s) and KIEP.