South Korea’s government has announced that a bill promoting the carbon capture, utilization, and storage (CCUS) industry will take effect on Friday. The bill aims to support the development of CCUS technologies and foster the industry, which is crucial for tackling climate change. The government has pledged to reduce greenhouse gas emissions by 40% by 2030 and achieve carbon neutrality by 2050. To achieve this, the government will spend 129.3 billion won ($88.6 million) this year on projects aimed at developing renewable energy technologies, such as next-generation solar power and hydrogen power, as well as improving the efficiency of nuclear power plants. Additionally, some of the funds will be used to enhance stability in the nation’s energy supply, which is expected to be impacted by the growth of artificial intelligence and other cutting-edge technologies. The CCUS bill is seen as a key step in achieving South Korea’s climate change goals and reducing its reliance on fossil fuels.
A South Korean bill to boost the carbon capture industry is set to become law this week.
