Finance Minister Hong Nam-ki has asked for cooperation from the business sector regarding the new government target of reducing greenhouse gas emissions to 40 percent by 2030.

In a meeting Friday with the heads of the country's five major business organizations, Hong said it is a tough goal to meet but everyone must take that path together.

He said the government will actively support companies in their transition to a low-carbon structure and ecosystem by earmarking 12 trillion won in next year's carbon neutrality budget, up 63 percent from this year.

Hong's appeal came on the heels of a government announcement to raise the emission reduction goal known as the nationally determined contribution(NDC) from 26-point-three to 40 percent by 2030 from 2018 levels.

The meeting brought together heads of the Korea Chamber of Commerce and Industry and the Korea Federation of SMEs among others.