Seoul is to set a 2050 net-zero emissions goal and end coal financing, after the Democratic Party’s victory in one of the world’s first Covid-19 elections.

South Korea is on track to set a 2050 carbon neutrality goal and end coal financing after its ruling Democratic Party won an absolute majority in the country’s parliamentary elections on Wednesday.
Under this new initiative, South Korea has become the first country in East Asia to pledge to reach net zero emissions by 2050.

In a report on the election outcomes, Chloé Farand informs that the plan includes large-scale investments in renewable energy, the introduction of a carbon tax, the phase out of domestic and overseas coal financing by public institutions, and the creation of a Regional Energy Transition Centre to support workers transition to green jobs.