South Korea Launches Soil-Based Carbon Capture Technology to Meet 2035 NDC Goals The South Korean government is officially launching the development of soil-based carbon capture and removal technologies to secure new carbon sinks aimed at achieving the country's 2035 Nationally Determined Contribution (NDC) for greenhouse gas reduction. On May 21, the Ministry of Climate Energy and Environment held a kickoff meeting for the "Soil-Based Environmental Technology Development Project for NDC Achievement" at the Sangyeonjae Seoul Station in Jung-gu, Seoul, announcing the start of related research. As the government expands renewable energy, electric vehicle adoption, and energy transition policies to establish a foundation for carbon neutrality, this initiative aims to broaden the existing forest-centered carbon absorption policies to include soil. According to the United Nations' Intergovernmental Panel on Climate Change (IPCC), soil is considered a larger carbon reservoir than the atmosphere and vegetation, with an estimated carbon storage capacity of about 1,700 PgC, significantly exceeding the atmosphere's 870 PgC and vegetation's 450 PgC. Consequently, soil-based carbon capture technology is gaining attention as a key technology for next-generation carbon neutrality in the international community. This project aims to secure soil carbon capture and removal technologies suitable for domestic environmental conditions and integrate them into the national greenhouse gas reduction framework. This year, research will focus on five key areas: biochar utilization technology, enhanced rock weathering technology, integrated impact assessment models for soil carbon absorption and removal, physical and chemical technologies based on organic-inorganic complexes, and artificial intelligence (AI)-based carbon absorption prediction technology. Notably, biochar technology involves the high-temperature pyrolysis of wood, agricultural residues, and organic waste to produce carbon material that is spread in the soil, allowing for long-term carbon storage. Unlike typical organic matter, biochar is less prone to decomposition, offering a stable carbon sequestration effect. Enhanced rock weathering technology involves finely grinding rocks rich in calcium and magnesium and spreading them on soil, utilizing the principle of absorbing and fixing carbon dioxide from the atmosphere in the form of carbonates. The government will also develop an integrated impact assessment model that scientifically verifies the effectiveness and environmental impact of these technologies. This model will comprehensively evaluate not only the carbon absorption effects but also the impacts on ecosystems and soil environments. From the project’s inception, it has been designated as a public utilization task, allowing institutions or businesses designated by the Ministry of Climate Energy and Environment to use the developed technologies free of charge. The ministry plans to link the developed technologies to the national greenhouse gas inventory system for practical reduction measures. Kim Ji-young, the Director of Water Use Policy at the ministry, stated, "To achieve the 2035 NDC, it is crucial to not only reduce emissions but also secure new carbon sinks. We will strengthen the foundation for achieving carbon neutrality by leveraging the high carbon storage potential of soil."* This article has been translated by AI. 2026-05-21 06:05:15

Producer Prices Surge 2.5% in April, Largest Increase in 28 Years Producer prices in South Korea surged by 2.5% in April, marking the largest increase in 28 years. The rise is attributed to a sharp increase in oil product prices due to the ongoing conflict in the Middle East, raising concerns that this will pressure consumer prices. According to preliminary statistics released by the Bank of Korea on May 21, the producer price index for April was recorded at 128.43, the highest increase since February 1998. This marks six consecutive months of rising producer prices since November of last year, with significant contributions from coal, oil products, and chemical products. By category, agricultural, forestry, and fishery products fell by 1.0% compared to the previous month, while manufactured goods rose by 4.4%. Electricity, gas, water, and waste services saw increases of 0.3% and 0.8%, respectively. While agricultural products (-4.0%) and fishery products (-3.2%) decreased, coal and oil products surged by 31.9%, and chemical products rose by 6.3%. Transportation services increased by 1.6%, and financial and insurance services rose by 3.0%. The latter saw a 26.2% increase compared to the same month last year, the highest rate since the Bank of Korea began tracking these statistics in 1995, driven by rising brokerage fees due to stock market gains. Notable price changes included a 94.8% increase in solvent prices, which skyrocketed by 258.1% year-on-year. Diesel prices rose by 20.7% compared to March, while polyethylene and polypropylene prices increased by 33.3% and 32.0%, respectively. During the same period, DRAM and computer memory prices rose by 37.8% and 10.7%, respectively, with year-on-year increases of 396.0% and 180.4%. The domestic supply price index, which includes imported goods, rose by 5.2% from the previous month. Raw material prices surged by 28.5%, while intermediate goods and final goods increased by 4.3% and 0.5%, respectively. By usage, capital goods, consumer goods, and services all saw increases of 0.5%. The total output price index, which includes domestic shipments and exports, also rose by 3.9% from March, with manufactured goods increasing by 5.8%. The Bank of Korea indicated that rising producer prices could act as an upward pressure on consumer prices. Lee Moon-hee, head of the price statistics team at the Bank of Korea, stated, "Supply disruptions and price increases for raw materials due to the ongoing Middle East conflict are likely to impact consumer prices through producer prices with a time lag." He added, "There may be differences in the extent of fluctuations between producer prices and consumer prices due to discounts at the distribution stage or government policies."* This article has been translated by AI. 2026-05-21 06:03:00

U.S. and Israel's Plan to Install Ahmadinejad as Iran's Leader Revealed According to a report by the New York Times on May 19, the United States and Israel devised a plan to remove Iran's Supreme Leader Ayatollah Ali Khamenei and install former President Mahmoud Ahmadinejad, who had been under house arrest, as a leader during the early stages of the Iran war. However, attempts to engage with Ahmadinejad, known for his hardline stance, ultimately failed. The newspaper noted that in the initial phase of the conflict, U.S. and Israeli officials considered Ahmadinejad a "pragmatic figure" who could lead Iran after the collapse of Khamenei's regime. U.S. officials described him as someone within the government who, while not a moderate, showed a willingness to cooperate with the U.S. This strategy resembled the U.S. operation earlier this year when former Venezuelan President Nicolás Maduro was extradited to New York. The approach involved replacing a dictator and allowing a moderate figure from within the regime to take charge. The Times reported that President Trump enjoyed the success of the operation to capture Maduro and seemed eager to replicate this model elsewhere. For Ahmadinejad, the prospect of U.S. and Israeli support was appealing. In recent years, he had publicly accused the Iranian Islamic regime's leadership of corruption, leading to speculation about his loyalty. He was disqualified from running for president in 2017, 2021, and 2024. Reports indicated that his disqualification in 2017 followed his criticism of Khamenei and expressions of respect for the monarchy. Recently, Ahmadinejad's activities have been restricted to his home in eastern Tehran. The Times also highlighted Ahmadinejad's visits to Guatemala in 2023 and Hungary in 2024 and 2025, noting that both countries have good relations with Israel. In 2023, he attended a water management conference in Guatemala, where he mentioned on Instagram that Iranian security authorities had delayed returning his passport. On February 28, U.S. and Israeli airstrikes commenced. Following these attacks, Khamenei and several military leaders, including Ali Larijani, the Secretary of the Supreme National Security Council, and Mohammad Pakpour, the commander of the Islamic Revolutionary Guard Corps, were killed. Khamenei's son, Mojtaba Khamenei, was injured. However, Ahmadinejad's residence sustained little damage, while Revolutionary Guard members monitoring his home were killed. Ahmadinejad and his family took refuge underground, a situation described as a "virtual escape operation" by The Atlantic. A close associate of Ahmadinejad confirmed to the Times that the operation by U.S. and Israeli forces was an attempt to free him. Three months into the conflict and amid ongoing ceasefire conditions, finding traces of Ahmadinejad has proven difficult. Reports indicate that he has made a few public speeches congratulating Mojtaba Khamenei on his rise to leadership through state media. Contrary to U.S. and Israeli expectations, the Islamic Revolutionary Guard Corps, considered the heart of the Iranian regime, has demonstrated resilience, asserting control over the Strait of Hormuz. DPA reported, citing the Iranian semi-official Tasnim news agency, that the Revolutionary Guard approved the passage of 26 vessels, including South Korean ships, through the Strait in the past 24 hours. The Times noted that while Ahmadinejad survived the airstrikes, he has become disillusioned with the regime change plan. Although the plan ultimately failed, the U.S. and Israel's consideration of the "Ahmadinejad card" is seen as an unexpected choice given his hardline actions during his presidency. He gained notoriety for controversial statements, including claims that the U.S. orchestrated the 9/11 attacks to support Israel and calls to erase Israel from the map. Western media often referred to him as "Mr. Evil." However, after Barack Obama was elected president, he sent a congratulatory message expressing a desire for "real and fundamental change." In a 2019 interview with the Times, he described President Trump as an "action-oriented businessman" and suggested that he would advocate for a long-term calculation of benefits for both the U.S. and Iran.* This article has been translated by AI. 2026-05-21 05:12:53

Lotte Chemical and HD Hyundai to Launch Integrated Corporation in June Lotte Chemical and HD Hyundai Chemical are set to begin preparations for the launch of their integrated corporation next month. Following an organizational restructuring, they plan to gradually merge their Daesan naphtha cracking center (NCC). According to industry sources on May 20, Lotte Chemical and HD Hyundai Chemical will officially launch the spinoff company, tentatively named Lotte Daesan Petrochemical, on June 1. Employees from Lotte Chemical's Daesan plant in Seosan, South Chungcheong Province, will initially transfer to this new entity. The integration process with HD Hyundai Chemical is expected to be completed by September 1, finalizing the transition to a new joint venture structure. This move follows a February agreement between the two companies regarding the restructuring of the Daesan Project. The Daesan Project aims to consolidate HD Hyundai Chemical, a joint venture between Hyundai Oilbank and Lotte Chemical, with Lotte Chemical's Daesan plant. The goal is to enhance the competitiveness of the struggling petrochemical business through joint operations and process efficiencies. Regarding employment, the principle of 100% retention will be upheld. Employees of Lotte Chemical who are part of the integration will maintain their existing employment relationships without layoffs, and their salaries, allowances, benefits, and promotion systems will remain unchanged. Annual leave and seniority will also be recognized. However, concerns persist among employees about future workforce management and treatment systems. The most sensitive issue is the difference in employment structures between Lotte Chemical and HD Hyundai. While Lotte Chemical employees will fully transition to the integrated corporation, personnel from Hyundai Oilbank and HD Hyundai Chemical will work in the new entity for four to five years before returning to their original companies. This structure has raised concerns about fairness, particularly since Hyundai Oilbank's wage and benefit levels are relatively higher, potentially leading to disparities even within the same operations. Additionally, the dispatch system for HD Hyundai Chemical personnel may pose labor risks. If employees maintain their formal affiliations while working in mixed operations, it could lead to allegations of illegal dispatch. An industry insider noted, "As we are still in the early stages ahead of the integrated corporation's launch, specific details regarding workforce reallocation or wage and benefits systems have not been finalized. However, given that employees from different companies are merging into one organization, some issues regarding workforce management and treatment are inevitable."* This article has been translated by AI. 2026-05-21 05:06:00

The Importance of Authenticity in Public Officials Recently, a controversial issue arose regarding remarks made by Kim Yong-beom, head of the Presidential Office's Policy Coordination Office, about a potential 'national dividend.' As discussions about surplus tax revenue emerged, his comments suggesting a possible refund to citizens stirred immediate market reactions, prompting the Presidential Office to clarify that no decisions had been made. It is true that the country's coffers are filling faster than expected due to a semiconductor boom, soaring stock prices, and recovering corporate taxes. However, increased tax revenue does not automatically translate into a 'national dividend.' Words from public officials carry significant weight; they can influence markets, shape expectations, and sometimes create confusion. For this reason, public officials must choose their words carefully. The more uncertain a policy is, the more cautious they should be, especially regarding issues that directly affect citizens' lives. Coincidentally, at a similar time, a different approach was taken by Minister Song Mi-ryeong of the Ministry of Agriculture, Food and Rural Affairs, who appeared as a guest host in a live commerce event at an online studio in Iksan, Jeollabuk-do. She participated in the broadcast to encourage consumption and support farmers struggling with oversupply and falling onion prices. Beyond simply conveying messages, she explained the benefits of onions and how to store them. Realistically, the minister's role as a host will not dramatically increase onion prices. Agricultural prices are complex issues influenced by supply, demand, and distribution structures. Addressing oversupply cannot be resolved through a few live commerce events. However, citizens do not evaluate policies solely based on efficiency. For farmers facing livelihood challenges due to price drops, the mere presence of the relevant minister in the field signals that the government is aware of their struggles. Messages such as “The government understands” and “We are not ignoring you” serve as crucial foundations for trust, as important as the policies themselves. Conversely, policies that rely on numbers and political rhetoric while being disconnected from the field can quickly become hollow. Authenticity is a subjective concept, but citizens are often sensitive to the attitudes of public officials. Much of the recent controversy surrounding policies could have been mitigated had the policymakers better understood and engaged with the realities on the ground. The same applies to real estate policy. While the government emphasizes 'protecting actual users,' what matters most to low-income, homeless citizens is whether home prices are genuinely stabilizing and if they feel the impact of increased supply. If citizens do not perceive changes in their lives despite the constant flow of statistics and plans, trust is bound to waver. The same holds true for inflation. The government has introduced various measures, including price caps, fuel tax cuts, and discount support, in response to shocks from the Middle East. However, citizens assess the effectiveness of these policies based on the prices they see at local gas stations and grocery stores, rather than the figures presented in briefings. Public officials' authenticity is not about grand slogans but about whether they understand the realities faced by citizens and genuinely empathize with their frustrations. More concerning than policy failures is the cynicism that arises from the belief that “these people do not understand our lives.” Especially now, as polarization and asset gaps widen, the attitudes of public officials are as crucial as the policies themselves. Citizens are more inclined to notice who is attempting to understand their realities rather than who is simply making the right statements. The same policy can be received very differently depending on how it is presented. Ultimately, public officials' authenticity does not stem from grand sacrifices or performances. Citizens desire a government that seeks to understand their lives more than a flawless policy. This sincerity is often more clearly demonstrated through small actions in the field than through statements in briefings or on social media. This is why those in high positions should speak less and engage more closely with the public.* This article has been translated by AI. 2026-05-21 05:03:58

Strategies for Achieving Carbon Neutrality in the Era of 100GW Renewable Energy The South Korean government's commitment to expanding renewable energy is clear. The ambitious goal of reaching 100GW by 2030 reflects a determination to accelerate the energy transition. However, the term "ambitious" implies that achieving this target will not be easy. Increasing the share of renewable energy complicates the balance of supply and demand in the power grid, particularly as it interacts with the rigid nature of nuclear power. As the process of expanding renewable energy continues, the number of electricity providers is steadily increasing, with new players entering the market. Their entry will lead to overlapping interests and roles within the existing market and system, sometimes resulting in conflicts that will heighten the demand for changes in the electricity market. It is no longer sufficient to simply increase the quantity of generation facilities; solutions are needed for how to accommodate and manage them. The bottleneck in the energy transition must be addressed through both technology and regulation. A key challenge is enhancing grid flexibility. Coincidentally, both renewable energy and nuclear power, which are carbon-free sources, have limitations in adjusting output. Ultimately, flexibility in this era must be secured from the demand side. While batteries are often mentioned as a solution, they alone are not sufficient. There are economic constraints, and to respond to long-term and large-scale variability, complementary measures are necessary. The future power system must be designed to allow demand to adjust according to grid conditions, rather than simply having supply follow demand. In this process, we also face the challenge of electrifying sectors that currently use fossil fuels as their final energy source. Notable examples include electric vehicles in the transportation sector and heat pumps in the heating sector. Electric vehicles can contribute to grid operation by adjusting charging times or distributing demand according to grid conditions. Similarly, heat pumps can become flexible demand resources that adjust their operation based on grid conditions when combined with a certain scale of thermal storage facilities. They can increase charging and heat storage during surplus electricity periods and reduce usage during shortages. This approach of absorbing excess electricity from the power sector into other sectors like transportation and heating is known as "sector coupling." The relevant technologies are already largely prepared. The issue lies in the lack of a market and regulatory framework to effectively utilize them. For distributed consumer assets to become meaningful flexible resources, there needs to be a mechanism to aggregate them and provide their value to the grid in monetary terms. However, the current regulatory framework does not adequately support this function. With new types of market participants and technologies emerging, there is an urgent need to establish governance to coordinate these changes. Equally important as technical solutions is the establishment of rules, specifically the advancement of grid technology standards. These standards must address two simultaneous challenges. One is long-term directionality: institutionally supporting a transition path where the share of renewable energy continues to grow while existing fossil fuel generation is gradually reduced. The other is short-term operational stability: managing the grid to prevent immediate issues during the transition process. Well-designed technical standards can meet both challenges simultaneously. They should not be mechanisms to maintain a generator-centric grid but rather a roadmap for a stable transition to a renewable energy-centric grid. For all these technical and regulatory improvements to function, a fundamental overhaul of governance is necessary. The flexibility created by existing methods, electrification, and sector coupling must operate together within a single system. In this process, technology-neutral judgments that do not favor specific technologies or businesses are essential. The interests of market participants can vary significantly depending on which resources are compensated and how output control and demand adjustments are managed. Fair coordination functions are also crucial. The discussions surrounding the establishment of the Electricity Regulatory Commission are significant in this context. Beyond being a simple regulatory body, it needs to act as a "referee" that ensures the efficient operation of a renewable energy-centric grid and fairly mediates conflicting interests. At the same time, it must serve as a "helmsman" guiding the entire system toward carbon neutrality. The energy transition is not merely about replacing power sources. It signifies a fundamental transformation in how electricity is produced and consumed, as well as the regulations governing it. In the face of rapid electrification, stable operation of the power grid is directly linked to national economic and industrial competitiveness. It is now essential to design a new energy system where technological and regulatory innovations are aligned.* This article has been translated by AI. 2026-05-21 05:03:00

Five Candidates Compete for Next Head of Credit Finance Association Five candidates have confirmed their applications for the position of the next president of the Credit Finance Association. The upcoming election is shaping up to be a competitive five-way race, with candidates from both the private sector and political circles entering the fray. According to the credit finance industry on May 20, the association's candidate recommendation committee closed applications for the next president at 6 p.m. the previous day. A total of five individuals have applied for the position. The known candidates include Lee Dong-cheol, former president of KB Kookmin Card; Park Kyung-hoon, former CEO of Woori Financial Capital; Kim Sang-bong, an economics professor at Hansung University; Yoon Chang-hwan, former chief secretary to the Speaker of the National Assembly; and Jang Do-jung, former policy advisor at the Ministry of Economy and Finance. Among the candidates, Park is being prominently mentioned as a strong contender from the private sector, while Yoon is seen as a significant figure from the political realm. Park, who previously served as CEO of Woori Financial Capital, has emerged as a dark horse in the application process. Yoon, who held the position of chief secretary to the Speaker of the National Assembly during the Moon Jae-in administration in 2018, brings political experience to the table. However, both candidates lack direct experience leading the card industry, which is a significant segment of the credit finance sector. Given the importance of card companies within the association, issues such as card fees, merchant regulations, and expansion of new business areas are expected to be critical factors in evaluating the next president's qualifications. In contrast, Lee Dong-cheol's background as the former head of KB Kookmin Card is considered a strong advantage. Kim Sang-bong, an expert in finance and economics, offers a unique perspective as an academic candidate.* This article has been translated by AI. 2026-05-21 03:36:59

LIV Golf Begins Preparations for Bankruptcy Amid Financial Crisis LIV Golf has reportedly begun preparations for a bankruptcy filing in the United States following Saudi Arabia's decision to withdraw its financial support. On May 20, major international news outlets including Bloomberg and Reuters reported that "LIV Golf is exploring various options, including seeking new investors, but is preparing for the possibility of the tour collapsing by the end of the season in August." Bloomberg also noted that LIV Golf is considering relocating its headquarters to the U.S. to take advantage of more favorable bankruptcy laws. The consideration of a bankruptcy filing in the U.S. is linked to the country's 'Chapter 11' bankruptcy law, which allows companies to restructure their finances and continue operations without fully dissolving. This move is seen as an effort to find a path to recovery while preventing complete dissolution of LIV Golf. Launched in 2022 to challenge the PGA Tour's monopoly, LIV Golf has attracted top players worldwide with astronomical signing bonuses and prize money, backed by the Saudi Public Investment Fund (PIF). Over four years, it has spent more than $5 billion (approximately 7.54 trillion won) on player transfer fees and operational costs. However, disappointing commercial performance has hindered its success. The tour has faced difficulties generating additional revenue, such as broadcasting rights, due to poor television ratings in the U.S., leading to cumulative losses exceeding $1 billion (approximately 1.51 trillion won). Consequently, PIF announced last month that it would cease funding after the current season. As bankruptcy rumors surfaced, LIV Golf has sought to clarify its position. A spokesperson for LIV Golf stated in response to Bloomberg's report, "We are focused on finding long-term strategic partners, and discussions are just beginning."* This article has been translated by AI. 2026-05-21 01:15:50

Election Campaigns Kick Off for Local Elections in South Korea The Democratic Party and the People Power Party launched their official election campaigns on May 21, kicking off active canvassing efforts. Jung Cheong-rae, the Democratic Party leader, focused on supporting Jeong Won-oh, the party's candidate for the Seoul mayoral election, while Jang Dong-hyuk targeted Yang Hyang-ja, who is vying to reclaim the Gyeonggi governor's office. Jung began his support for Jeong at the Dong Seoul Postal Center, where he emphasized delivering a new vision for Seoul that residents can feel. He participated in receiving policy proposals from the 25 districts of Seoul and engaged in sorting packages to encourage the postal workers. After the work concluded, Jung told reporters, "I want to deliver the future of Seoul to our descendants through this local election. I envision the changes and developments in Seoul, as Jeong demonstrated during his tenure as the Seongdong District mayor. I believe I am delivering Jeong Won-oh's victory." He added, "I want to deliver a bright and hopeful South Korea, where democracy shines, by eradicating the 12.3 emergency martial law and insurrection alongside the people on June 3." Conversely, Jang visited Yang's hunger strike site in Pyeongtaek, where he urged a compromise between labor and management at Samsung Electronics, focusing on the Gyeonggi region, which narrowly lost in the last local elections. Jang explained his choice to start his campaign at Yang's hunger strike site, stating, "I thought it would be good to begin the election campaign in a place where Yang is fighting desperately to prevent South Korea from coming to a standstill. I believe party members, supporters, and all citizens will remember and evaluate Yang's determination to undertake this hunger strike." He highlighted the recent provisional agreement reached between Samsung Electronics' labor and management on May 20, saying, "Yang has fought with the urgency that if the semiconductor industry stops, South Korea stops. I believe this agreement was reached because of her life-and-death struggle." Meanwhile, Oh Se-hoon and Choo Mi-ae, who are competing against Jeong and Yang in the Seoul mayoral and Gyeonggi gubernatorial races, respectively, also began their campaign activities. Oh visited the Garak-dong Agricultural and Fishery Wholesale Market, aiming to revitalize Seoul's economy, while Choo announced the start of her campaign at the Wolam Public Garage in Uiwang, Gyeonggi Province.* This article has been translated by AI. 2026-05-21 01:04:05

Blue House Thanks Samsung Electronics for Labor Agreement Decision On May 20, the Blue House expressed gratitude for the labor-management agreement reached just before a planned strike at Samsung Electronics, stating, "We appreciate the labor and management's grand decision for the nation and the people."In a press release that evening, the Blue House commented on the Samsung labor union's decision to postpone the strike.The statement added, "This is the result of the efforts of government officials, including Minister of Labor Kim Young-hoon, who worked tirelessly to mediate the situation."On the night of May 20, Samsung Electronics and its labor union signed a tentative agreement on performance bonuses for 2026 at the Gyeonggi Provincial Labor Relations Commission.With the tentative wage agreement for 2026 now in place, the planned strike set for May 21 has been postponed for the time being.* This article has been translated by AI. 2026-05-20 23:48:38