(Summary) This report is a combined executive summary of K-Map 2, the sectoral implementation measures of K-Map: 2050 Climate Neutrality Roadmap for Korea published in February 2022 (power, industry, building, transportation and agricultural sectors). 

Key findings:

① To reach net zero by 2050, the Korean government should increase its 2030 climate target and reduce GHG emissions by at least 40% compared to 2018 levels while relying solely on domestic efforts. 

② Power sector emissions should be reduced by almost 60% up to 2030 through three main strategies: phasing down coal, phasing in renewables, and rolling out battery storage. 

③ Industrial emissions should be reduced by more than 20% by 2030 by leveraging new obligations (strengthening ETS) and incentives (introduction of Carbon Contracts for Difference) that will increase the competitiveness of low-carbon technologies. 

④ Emissions in the buildings sector must be cut by almost 40% by 2030 through an effective green renovation incentive programme and the decarbonisation of heating in existing and new buildings. 

⑤ The transport sector must reduce its emissions by more than 40% by 2030 through a mix of subsidies (for low-carbon vehicles) and stricter environmental regulations (such as the gradual ban of combustion engine sales). 

⑥ The agriculture sector should cut its emissions by almost 30% up to 2030 through the adoption of a Climate Neutrality and Energy Transition Act for Agriculture, Fishery, and Rural Communities and the promotion of biogas from livestock manure. 

⑦ To accelerate the transformation of the Korean economy to net zero, public spending must be increased to 5.33 trillion Korean won (3.9 billion euros) per year up to 2027. Exposing emitting sectors to higher CO2 prices will generate additional government revenues that can be allocated to the transformation of those sectors.

※ Each sectoral roadmap can be found in the following website (available in Korean only).   

o Industry: 대한민국 2050 탄소중립 시나리오 K-Map: 산업부문 이행안 (NEXT Group)

o Transportation: 대한민국 2050 탄소중립 시나리오 K-Map: 수송부문 이행안 (gesi.kr) (Green Energy Strategy Institute)

o Agriculture: 대한민국 2050 탄소중립 시나리오 K-Map -농업부문이행안 (igt.or.kr) (Institute of Green Transition) 

 *Reports for Power and Building Sectors will be published later this year.