Government Seeks Legal and Institutional Improvements to Support 'Industry Carbon Neutrality'

Ministry of Industry Holds 'Carbon Neutral Industrial Transition Public-Private Joint Seminar'

[Sejong=Asia Economy Reporter Kwon Haeyoung] The public and private sectors came together to discuss legal and institutional support measures to promote carbon-neutral industrial transformation.

On the 30th, the Ministry of Trade, Industry and Energy jointly held the "Carbon-Neutral Industrial Transformation Public-Private Joint Seminar" with the Korea Chamber of Commerce and Industry. This seminar was an opportunity for the public and private sectors to communicate and discuss key issues such as legal and institutional improvements for carbon neutrality implementation in the industrial sector, establishment of implementation strategies, and financial support, and to seek countermeasures.

First, under the theme of "Legal and Institutional Improvements to Promote Carbon-Neutral Industrial Transformation," expert presentations and panel discussions were held.

Professor Lee Jong-young of Chung-Ang University proposed the enactment of a special law that includes easing the burden of industrial transition costs, fostering new markets and industries for carbon neutrality, and supporting vulnerable industries and regions. This is because a separate strategy and support system are necessary to effectively promote the carbon-neutral transition in the industrial sector.

Professor Yoon Hyun-seok of Wonkwang University explained the current status of tax and financial support for carbon neutrality promotion in overseas countries such as the United States, Japan, the European Union (EU), and the United Kingdom. He also proposed strengthening tax and financial support measures to alleviate corporate cost burdens arising from large-scale facility investments and business transitions.

Joo Young-joon, Director of Industrial Policy at the Ministry of Trade, Industry and Energy, stated, "Since the basic framework for promoting carbon neutrality, such as the enactment of the Carbon Neutrality Basic Act, the 2050 Carbon Neutrality Scenario, and the Nationally Determined Contribution (NDC), has been established, it is important to prepare and implement detailed execution plans going forward. If experts from industry, academia, and research institutes and the government come together to communicate, as in today's seminar, we will be able to find solutions to turn carbon neutrality into an opportunity for industrial innovation."

Meanwhile, the Ministry of Trade, Industry and Energy plans to actively promote legal and institutional improvements for carbon neutrality in the industrial sector by reviewing the discussions from this seminar. In addition, to expand opportunities for public-private discussions on carbon neutrality promotion, a second seminar will be held next month under the theme of "Vision and Strategy for Carbon-Neutral Industrial Transformation," which is scheduled to be announced.