About us

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Time is running out to act on climate change. But rather than climate action being a drain on our economy, our South Korea report shows it will significantly boost GDP and accelerate phenomenal growth. 

 

With decarbonization acting as a new economic engine, South Korea plays a key role in providing the skills, technology and innovation for this global transformation. 


By moving now with bold action, we can not only avoid the worst impacts of climate change, but also create prosperous long-term economic growth for South Korea and the world. 


But we only do this if we do it together and we do it now – we are at a turning point.

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South Korea’s turning point

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Technical Appendix Report

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Access all Asia Pacific and geography reports

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Report insight

APAC

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Report highlights

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Economic imperative—our turning point

The cost of action and inaction

The cost of doing nothing is economically devastating ₩935 trillion lost from South Korea’s economy by 2070.

This lost economic potential would total 2.5% of GDP lost in 2070 alone.

Source: Deloitte Economics Institute.


We have a narrow window of time to change the future. Decisions need to be made in the next decade to combat the worst impact and accelerate economic growth.

Acting on climate change is the new economic engine ₩2.3 quadrillion added to South Korea’s economy by 2070.

A gain of nearly ₩295 trillion in 2070 alone – equivalent to adding South Korea’s most valuable multinational conglomerate to the economy in that year.

Source: Deloitte Economics Institute.

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The opportunity and impacts

South Korea faces a critical and consequential choice

South Korea has much to lose from inaction

Unchecked climate change will impact over 92% of South Korea’s current economic output. The five most affected industries are services, manufacturing, retail and tourism, construction, and conventional energy.

Source: Deloitte Economics Institute.


South Korea has much to gain from action

Rapid decarbonization could enable South Korea to significantly transition away from fossil fuel sources, falling from 95% in 2020s to 30% by 2050. This transition would see South Korea restructure its economy toward growth in advanced industrial sectors, leverage clean energy export markets and make clean energy technologies affordable globally.

Source: Deloitte Economics Institute.



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Time to act—accelerating to zero

Four phases will shape our economic and climatic future

1.2021 to 2025—Bold climate plays: Decisions begin to impact decarbonization. Clean energy gains momentum and investment in new renewable electricity projects quickens.

2. 2025 to 2040—Coordinated change: Economic shifts occur in policy, energy, and consumers. Energy sector continues to experience significant benefits and emerging technologies begin to mature.

3. 2040 to 2050—Turning point: Decarbonization transformation would be spreading more widely throughout South Korea’s economy, Retail trade, tourism, construction, and ‘upstream’ services industries begin to benefit.

4. 2050 onwards—A low-emission future: South Korea’s economy would be near net zero emissions and operates in a world that keeps global warming to around 1.5°C. Manufacturing and services gain significantly through productivity gains and lower costs.


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Dive into the data

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Related content

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WorldClimate
Deloitte Economics Institute
Voice of Asia
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Contact us

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In Kyoo, Baek

ESG Center Leader

Ok Su, Lee

Sustainability Leader

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