The ruling Democratic Party(DP) pledged to enact a law aimed at transforming South Korea's energy system into one based on renewable energy sources ahead of next month's general elections.

The DP's policy committee outlined the so-called Green New Deal Basic Law on Monday and said they plan to realize the zero emission society by 2050, and lay the foundation for sustainable growth centered on renewable energy.

Through social discussions, the ruling party will consider introducing a carbon tax on fossil fuels to back its initiative in the medium to long term.

The DP also vowed to foster the country's hydrogen energy sector, future vehicles and seek to expand energy cooperation with North Korea.

In a bid to reduce current fine dust levels by at least 40 percent by 2040, the DP said it will push to reduce operations of coal-fired power plants and accelerate the supply of eco-friendly cars.