Industry Collaboration: South Korean Companies Advocate for Inclusion in EU Carbon Border Adjustment Mechanism
Enhancing Understanding of the Joint Carbon Border Coordination System between the Ministry of Industry and the European Union (EU)
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기사입력 : 2023.11.17 17:25
[Leaders Times] The Ministry of Trade, Industry, and Energy, in partnership with the European Commission (EU), conducted a briefing session on the Carbon Border Adjustment System (CBAM) at the Korea Chamber of Commerce and Industry on November 15. This information session, initiated in December last year following the acceptance of AhnDuk-geun's proposal by the European Union (EU), aimed to foster collaboration through field support activities.
During the event, Gerassimos Thomas, European Commission Director-General for Taxation and Customs Union, elucidated the key aspects of the CBAM and its future operational framework. The CBAM transition period began in October and is anticipated to be fully implemented from 2026.
With over 150 participants from diverse industries such as steel, automobiles, and electronics, as well as representatives from research institutes and law firms, there was significant interest in the CBAM. The Q&A session saw lively discussions on the disparities between the Korea-EU emission calculation method, reporting method, and the carbon emission trading system (ETS).
In his opening speech, the Deputy Minister of Trade Byung Nae Yang emphasized the importance of effective communication between EU officials and Korean companies to bridge the gap between policy intentions and practical challenges. He pledged government support in establishing a reasonable CBAM implementation law by incorporating the voices of the industry during consultations with EU authorities.
Furthermore, the South Korean government, including the Ministry of Industry, Ministry of Economy and Finance, Ministry of Environment, and Ministry of SMEs and Startups, has conveyed its stance on the CBAM through high-level interviews and working-level technical consultations with the European Union (EU). These efforts aim to explain South Korea's systems, including the Korea Carbon Emission Trading System (K-ETS), ensuring that the country's conditions are considered in the future enactment of the CBAM implementation legislation.
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