[Exclusive] Ninefold Increase in National Emissions: Climate Impact of East Sea Development Must Be Evaluated

In a bid to evaluate the potential impact of the ‘Dae Wang Goliath Project’, which involves the exploration and drilling of oil and gas reserves off the coast of Pohang’s Yeongilman, a new bill has been introduced in the South Korean parliament. The proposed amendment aims to assess the environmental effects of such projects, especially concerning greenhouse gas emissions, in light of growing concerns about climate change.

The bill, spearheaded by Park Ji-hye, a lawmaker from the ruling Democratic Party, seeks to require comprehensive evaluations of the greenhouse gas emissions and mitigation measures associated with marine resource exploration and development activities.

With international courts increasingly scrutinizing fossil fuel development projects for their carbon footprint, the amendment reflects a global trend towards mandatory climate impact assessments. By aligning with South Korea’s carbon neutrality goals, the proposed law sets a significant precedent for evaluating the environmental repercussions of offshore mining operations.

Experts emphasize the importance of considering greenhouse gas emissions in all phases of fossil fuel extraction to uphold climate change mitigation commitments. If passed, the bill could help minimize the rush to exploit oil and gas resources without due consideration for the environmental consequences.

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