How Far Have We Come in Creating a Low-Carbon Economy? Expert Assessments and Policy Recommendations

The climate crisis is the most urgent and important challenge facing all of humankind today, having profound impacts on both natural ecosystems and the economies, industries, and societies that comprise human civilization. In response, governments worldwide are rushing to implement policies and regulatory measures that facilitate a transition to a low-carbon economy. But South Korea faces an uphill battle due to the central role played by the manufacturing industries in its economy, and particularly by energy-intensive sectors. The Mid- to Long-Term Strategy Committee, which advises the Minister of Economy and Finance, held the Future Strategies Forum on October 7, 2024. The meeting was convened to discuss long-term policy tasks for the transition to a low-carbon economy, and brought together experts from various sectors in search of solutions for how best to achieve that transition while keeping Korean industries competitive. Experts at the forum argued that the low-carbon transition is not only crucial to protect the natural environment but also to facilitate future economic growth. Many agreed on the importance of R&D and innovation to accelerate the transition to low-carbon industry using both market-based mechanisms (emissions trading, for example) as well as policy and regulatory support designed to minimize the burden on businesses.