Seoul:<Text>
The government has unveiled plans to promote renewable energy and enhance the carbon credit market to address climate change and meet the increasing electricity demand. Officials announced these measures as part of the Lee Jae Myung administration's five-year economic development plan.
According to Yonhap News Agency, the plan includes strategies to transform South Korea into a global leader in artificial intelligence and other critical industries. To manage the growing electricity demand driven by advanced industries, the government intends to legislate a special law to develop industrial complexes powered entirely by renewable energy sources.
Additionally, the timeline for establishing an "energy expressway" along the west coast has been advanced to 2030, a year earlier than originally planned. The project aims to extend the energy expressway nationwide by the 2040s. This initiative involves constructing high-voltage direct current (HVDC) infra structure, which improves efficiency in long-distance power transmission and supports the integration of various renewable energy sources.
The Lee administration also plans to set a stronger Nationally Determined Contribution (NDC) target for 2035, surpassing the existing 2030 NDC. A long-term carbon reduction roadmap is set to be developed by 2049. To achieve these goals, the government will encourage local companies to reduce carbon emissions by expanding the domestic carbon emission credit market and providing policy financing. More detailed plans are expected to be released later in the year.