Seoul: South Korean President Moon Jae-in on Friday encouraged private companies to go carbon neutral, calling for the government will provide financial and regulatory support for their efforts to reduce greenhouse gas emissions.

Moon made the statements at a discussion on carbon neutrality with the CEOs of over 40 large and medium-sized companies, including Hyundai Motor, LG Display, and SK Innovation. He said that the government will use its carbon-neutral strategy to boost the manufacturing industry's competitiveness.

To that purpose, Moon stated that the government will enhance tax credits for facility and research investment by businesses. He also stated that the government intends to build the carbon-neutrality business into a next-generation growth generator. "The government will make significant infrastructure expenditures in new energy alternatives including hydrogen, renewable energy, and electrical networks," Moon added. At the same time, Moon stated that the government will make every effort to ensure a steady supply of raw materials.

South Korea has decided to cut its greenhouse gas emissions by 40% by 2030, compared to 2018 levels. As the country began to address the problem of simultaneously responding to climate change and ensuring sustainable growth, it also confirmed its objective of becoming carbon neutral by 2050.

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