He pledged to spend $7.10 billion on an earlier announced “Green New Deal” aimed at creating jobs and helping the economy recover from the coronavirus fallout by replacing coal dependence with renewables.
The Moon government earlier this year announced that the South's 60 coal-fired power stations would be halved by 2034, with new LNG (liquefied natural gas) plants to make up the deficit.
South Korea aims to have 1.13 million electric vehicles and 200 000 hydrogen cars on the roads by 2025, up from 91 000 and 5 000 each by the end of 2019.
Coal makes up 40% of South Korea’s electricity mix and renewable power less than 6%, making its carbon dioxide emissions per capita among the highest in the region.
Greenpeace Korea said the 2050 net zero announcement should also be viewed as a good business opportunity to challenge the existing industry practices which have been driven by dirty fossil fuels.
Analysis by Climate Analytics found South Korea must increase its 2030 emissions reduction target from 37% to at least 74%, and half its emissions in the next decade if it is to meet its Paris commitments.