President-elect Yoon Suk Yeol's transition team says an extensive revision of the current government's carbon neutrality policy is inevitable, as moving forward with it would lead to rapid electricity rate hikes and possibly a drop in annual gross domestic product(GDP).

Based on analysis of policy briefings made by relevant ministries, the transition team's climate and energy subdivision on Tuesday said the Moon Jae-in government's plan to cut greenhouse gas emissions by 40 percent by 2030 and achieve carbon neutrality by 2050 lacks feasibility and would further strain the people's livelihoods.

Yoon's team predicted that, should the policy be enforced in its current form, electricity prices will increase by four to six percent each year. A continued trend could calculate to a five-fold increase or more over the current rate by 2050. 

Citing an undisclosed Korea Development Institute(KDI) report, the team also said achieving the emission goals could require a trade-off in GDP.

It said the country's GDP is projected to drop by an average of zero-point-seven percentage points annually by 2030 and zero-point-five percentage points by 2050 with the scheme.

The team's subdivision plans to submit a report to the president-elect, outlining a five-point policy plan to achieve carbon neutrality, which includes establishing a practical mix of renewable and nuclear energy sources.