Analysis of Korea’s Green Technology Policy and Investment Trends for the Realization of Carbon Neutrality: Focusing on CCUS Technology

Abstract

In 2008, the Republic of Korea announced the Low Carbon Green Growth vision as the national growth engine. This Green Growth vision invested in developing state-of-the-art green technologies to minimize greenhouse gas and pollutant emissions. Following a change in administration, Korean green technologies were re-categorized into six core technologies for climate change response in 2014, and ten core technologies for carbon-neutrality in 2021. The government proposed the realization of an inclusive green state in the 3rd Five-Year Green Growth Plan announced in 2019. Following the Green New Deal announced in 2020, green technology policies and investments continue, with the declaration of 2050 carbon neutrality. In the past two years, government policies from the 2050 Carbon Neutrality Strategy to the 2050 Carbon-Neutral Scenario consider Carbon Capture Utilization and Storage (CCUS) as an important technology to reduce CO2 and meet carbon-neutral goals. This study examines major green technology policy trends, focusing on CCUS, beginning with the Green Growth era in 2008 to today. R&D investment costs related to green technology during the green growth period and CCUS-related investment costs over the past 10 years (2011–2020) are utilized in statistical analyses (correlation, trend) to investigate and analyze investment volatility in green and CCUS technologies related to climate change. Finally, the study will provide basic information for establishing CCUS-related R&D policies, which will continue to increase in achieving carbon neutrality.