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Directions for Achieving Carbon Neutrality in Manufacturing by 2050

Author

Listed:
  • Lee, Sangwon

    (Korea Institute for Industrial Economics and Trade)

  • Lee, Jaeyoon

    (Korea Institute for Industrial Economics and Trade)

Abstract

As the severity of climate change is increasingly recognized throughout the world, the international community has announced plans to achieve carbon neutrality and has introduced policies to curb greenhouse gas emissions. The Korean government is also devising concrete measures to achieve carbon neutrality by 2050, and going carbon free in industry, which produces a large portion of such emissions, is a key task. While carbon neutrality is a challenging goal given the manufacturing-centric structure of Korean industry, setting up an effective response system based on cooperation between the private and public sectors is an essential response to an irreversible tide. The climate crisis is a prime opportunity to find new drivers of growth without harming industrial competitiveness through a decarbonization strategy that includes the adoption of new eco-friendly fuels and materials, more efficient energy use, and innovative processes based on sectoral characteristics. This paper explores potential directions for decarbonization in Korea.

Suggested Citation

  • Lee, Sangwon & Lee, Jaeyoon, 2021. "Directions for Achieving Carbon Neutrality in Manufacturing by 2050," Research Papers 21/3, Korea Institute for Industrial Economics and Trade.
    • Handle: RePEc:ris:kietrp:2021_003
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    Keywords

    manufacturing; decarbonization; carbon neutrality; net zero; manufacturing policy; industrial policy; green infrastructure; regulatory reform; green transition; renewable energy; alternative energy; green technology; green innovation; Korea;
    All these keywords.

    JEL classification:

    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • O21 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Planning Models; Planning Policy
    • O25 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Industrial Policy
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • Q42 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Alternative Energy Sources
    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy
    • Q52 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Pollution Control Adoption and Costs; Distributional Effects; Employment Effects
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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