The government will raise the percentage of renewable energy sources in the entire power supply grid to 70-point-eight percent by 2050 and also shore up the self-sufficiency rate of clean hydrogen to 60 percent.

Also to drastically reduce carbon footprint in the manufacturing sector, the state and private sector will invest 94 trillion won towards carbon neutrality and provide 35 trillion won in policy financing by 2025.

The government on Friday announced net carbon strategies to this effect during a meeting held at the presidential office with leading companies in this area.

The goal is for South Korea to become one of top four industrial powerhouses that pioneer a low-carbon economy.

For this aim, clean energy will take center stage in the overall process of supplying, transporting and consuming energy.

Twenty-four existing coal-power plants will be gradually phased out by 2034, to completely suspend fossil-fuel generation by 2050.