The transition to a low-carbon economy will be a huge challenge for manufacturers. The fact that South Korea is so late to the game makes the task harder
Today the fading letters are an ominous sign of things to come. Four years ago the Hyundai shipyard and thecar factory in Gunsan shut within ten months of each other, resulting in the loss of tens of thousands of jobs. There is a risk of more such devastation in the future. The country’s industrial behemoths have no clear plan to eliminate greenhouse-gas emissions by 2050, which the government has promised to do.
Environmental groups point out that Mr Moon’s targets are still insufficient to meet South Korea’s commitments under the Paris agreement. The government itself freely admits that it is lagging behind other rich countries in reducing emissions. But the announcement has alarmed industry representatives. They warn of production cuts and large-scale job losses unless businesses are given more time and support to reach the targets.
If the government is to achieve its targets, carbon-intensive manufacturing industries will have to reduce their emissions by as much as 80% over the next three decades . De-industrialising and shifting towards less energy-intensive services would be one way to achieve that. But given the importance of manufacturing to the economy, the consequences for workers and the industrial centres where they live would be devastating. The only alternative is for industries to change.
Just as during the switch from light to heavy industry, the change will be most visible in industrial cities. In the future the government envisions, places like Ulsan and Gunsan will be connected to huge offshore wind farms and covered in solar panels. Green hydrogen will power next-generation container ships and carbon-neutral steel furnaces.The government’s most recent plans have spurred companies into action.
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