South Korea’s government and the ruling Democratic Party (DP) have just agreed on a new target for cutting greenhouse‑gas emissions by 2035. The new goal sets a reduction of between 53 % and 61 % from 1990‑level emissions.
The target comes after a meeting where lawmakers discussed the latest scientific guidance from the Intergovernmental Panel on Climate Change (IPCC) and a Constitutional Court ruling that said future plans must be realistic and not overburden new generations. The DP’s spokesperson, Park Soo‑hyun, said the agreed‑upon range is a bit higher than the ministry’s earlier proposals of 50‑60 % and 53‑60 %. “We want a bold goal to show our commitment to the world,” Park added.
Both sides now plan to back the target with practical measures for South Korea’s industry. The focus is on the country’s high‑carbon manufacturing base and on technologies that can lower emissions while keeping businesses competitive. The plan also calls for a new strategy to help companies decarbonise and to grow green industries.
Prime Minister Kim Min‑seok highlighted that the government will listen to civil‑society groups and the industrial sector when finalising the 2035 goal. “We will honor the Constitutional Court’s decision and integrate ideas from the international community, local groups, and industry,” Kim said.
Last week the government released two draft Nationally Determined Contribution (NDC) options for the United Nations. The first option calls for a 50‑60 % cut, while the second proposes 53‑60 %. Industry and environmental advocates have split opinions, saying the goals are either too aggressive or too modest. In August, the Constitutional Court ruled that emission targets must meet scientific and global standards without placing undue strain on the future.
The government plans to lock in the final NDC after a presidential committee review and cabinet approval later this week.
Separately, the government and the DP agreed to reduce the tax rate on high‑dividend income. The new rate will be 25 % (down from the government’s original 35 %) for dividends topping 300 million won (about US $205 000). The change follows a July proposal that split high‑dividend stocks from regular income to encourage payouts and boost the stock market. The ruling party supports the 25 % rate, whereas the government originally pushed for 35 %. Final numbers will be set at upcoming Assembly meetings.
After the tax‑reform announcement, the Korea Composite Stock Price Index (KOSPI) rose sharply, hitting all‑time highs on several days.
Source: ianslive
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