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According to Yonhap News,
(SEOUL=Yonhap News) South Korea's science ministry unveiled Tuesday details of its goals to go carbon neutral by commercializing 14 carbon capture and utilization products by 2030.
In December last year, the country pledged to become carbon neutral by 2050 in line with global efforts to reduce greenhouse emissions and combat climate change.
Carbon capture and utilization is a key technology to recycle carbon emissions by capturing carbon dioxide and converting it into other products, such as methanol.
The Ministry of Science and ICT said carbon capture and utilization technology remains in early stages of development and that it will support the local industry's research in the technology and commercialize 14 products based on the technology within the next decade.
It also plans to invest over 100 billion won (US$89.5 million) annually for the development of the technology from 2023.
The ministry plans to further develop carbon capture technology currently applied on small thermal power plants on larger 150 megawatt plants and secure technology that can be used to capture carbon dioxide emitted during the manufacture of steel, petrochemicals and cement.
It aims to gradually lower the cost of carbon capture processes from the current $70 per ton of carbon dioxide to $20 per ton by 2050.
It will also pursue technologies in chemical and biological conversions of carbon dioxide, and carbon mineralization.
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Source: Yonhap News (June 15, 2021)