President Moon Jae-in (Photo: Yonhap)
South Korea will reduce its greenhouse gas emissions by 40 percent from the 2018 levels by 2030.
President Moon Jae-in on Monday finzalized the decision sharply raise the country's emission reduction goal as part of efforts to curb the pace of climate change.
He said the country will also achieve carbon neutrality by 2050, as it has begun tackling the challenge of responding to climate change and attaining sustainable growth simultaneously.
But he also acknowledge the latest goal will not come easy easy because manufacturing accounts for a high percentage of domestic industry, which is heavily dependent on fossil fuels.
Moons stressed that everyone's capabilities, real change from companies and the government's determination must come together in order for the nation to successfully achieve the targets and emerge as a "pacesetting" nation.
South Korea set aside 12 trillion won, or roughly 10.1 billion dollars, for carbon neutrality in next year's budget.
The president added that the government will "speed up efforts to supply more electric and hydrogen-powered cars and increase sources to absorb greenhouse gases."
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