[The Hwankyung Ilbo] It is pointed out that it is urgent to come up with measures on July 14th with the EU's executive committee announcing a legislative package "Fit for 55" to reduce carbon emissions by 55 percent compared to 1990 levels by 2030.

Fit for 55 consists of four legislations related to carbon pricing, four legislations related to the establishment of reduction targets, four legislations related to tightening regulations, and the Social Climate Fund, a support measure for inclusive transition.

The legislative package is likely to be revised in the future in the process of coordinating interests among member states, and will be finalized after discussions between the European Parliament and the European Union's board of directors.

If you look at the main contents of the legislation, the emission trading system was established and strengthened first.

The government added shipping, land transportation and building sectors to electricity, steel, and chemicals, which are subject to the existing greenhouse gas emission trading system, and gradually reduced the quota of greenhouse gas emissions in the aviation sector.

It introduced a carbon border adjustment system that drew attention. In order to prevent carbon leaks, the government plans to impose costs based on carbon emissions on imported goods in the region from 2026 in conjunction with the EU emission trading system. 

Energy-related guidelines will also be revised to raise carbon reduction targets and give incentives for conversion to eco-friendly energy by revising energy tax guidelines, renewable energy guidelines, and energy efficiency guidelines.

In order to expand carbon sinks, the government raised its net greenhouse gas absorption target by revising regulations on land use and forestry.
 

In terms of regulation of internal combustion engines and expansion of alternative fuel infrastructure, it banned the launch of internal combustion engines from 2035 and proposed the goal of expanding alternative fuel infrastructure to promote the development, production and use of eco-friendly vehicles.

In addition, related guidelines were established to encourage the use of eco-friendly fuels in the aviation and shipping sectors.

It also prepared measures to support the social climate fund and modernization fund so that there are no industries, workers, or local communities that are eliminated in the process of eco-friendly transformation of the economy and society.

In response, the Korea Institute for Foreign Economic Policy pointed out through the World Economic Focus that "Korea needs to re-check its carbon reduction goals for the next 10 years and support to minimize the cost of conflict due to socioeconomic structural transformation."

He also stressed the need to raise Korea's carbon reduction goal in 2030 and legislate related bills in order to achieve the goal of carbon neutrality in 2050.

"We need support measures for underprivileged areas and workers following the eco-friendly transition, and we can consider linking 'Human New Deal' as a pillar of the Korean version of New Deal 2.0. Government-level support is needed to prevent domestic industrial competitiveness from weakening due to the introduction and strengthening of climate change."