The Carbon Neutrality Committee held a plenary meeting Monday and finalized two scenarios to achieve zero net emissions by 2050.

The first is to abolish fossil fuels by that year with the other to scrap coal, but keep liquified natural gas(LNG). Accordingly, industrial emissions must be reduced by 80 percent from 2018 levels while the transport sector must expand electric and hydrogen cars by more than 85 percent.

The committee also decided to raise the greenhouse gas reduction goal known as the nationally determined contribution(NDC) to 40 percent by 2030.

To this end, renewable energy must increase to 30-point-two percent of the energy mix from the current six-point-two percent. The decisions will be made final during a Cabinet meeting next week.

President Moon Jae-in is expected to officially declare South Korea's goals at the COP26 UN climate change conference scheduled for next month in the U.K.