Statistics Korea Develops CCUS 'Industrial Special Classification' to Support New Industry Growth

The government will develop an 'industrial special classification' to support the Carbon Capture, Utilization, and Storage (CCUS) industry.

On the 27th, Statistics Korea announced at the 'Emergency Economic Ministers' Meeting and Export Investment Measures Meeting' held at the Government Seoul Office that it will develop a special classification for the CCUS industry as part of the 'Regulatory Innovation Plan for New Industries.'

The CCUS industry involves technologies that capture, store, or utilize carbon dioxide emitted into the atmosphere and has recently gained attention within the climate tech sector. Although the industry has requested the establishment of a single code for CCUS in the 'Standard Industrial Classification' to support industrial complex residency, it was difficult to reflect this due to the industry's presence across various fields and the need to maintain the stability of the current classification system.

In response, Statistics Korea proposed using a policy-tailored industrial classification called 'industrial special classification' as an alternative and has been consulting with relevant ministries. The 'CCUS Industrial Special Classification,' scheduled for development next year, will be composed by extracting relevant standard industrial classification items or adding new items within the entire industry. When cited in regulations related to industrial complex residency, the 'CCUS Industrial Special Classification' is expected to be used to determine eligible businesses for residency support in industrial complexes.

Lee Hyung-il, Commissioner of Statistics Korea, stated, "From next year, we will accept requests for special classification development year-round, instead of every two years from government ministries, to actively support policies in statistics compilation, convergence, and new growth industries."

[Image source=Yonhap News]