Korean Companies' Carbon Border Adjustment Mechanism, 'Integrated Government and Related Agencies' Support... Unified Briefings and Consultation Channels

The government and related agencies will unify the support channels for Korean companies to respond to international environmental regulations such as the European Union (EU) Carbon Border Adjustment Mechanism (CBAM).

The Ministry of Trade, Industry and Energy, together with the Ministry of SMEs and Startups, the Ministry of Environment, the Korea Customs Service, and related agencies, will hold the first joint briefing session on the 2nd at the Korea SMEs and Startups Agency Busan·Gyeongnam Training Center and announce support measures for companies responding to the Carbon Border Adjustment Mechanism.

First, the government has integrated the previously sporadic briefing sessions conducted by each ministry and agency into regional "visiting briefing sessions." Starting with this Yeongnam region briefing, sessions will continue in areas with many affected companies such as the Seoul metropolitan area (May and October) and the Chungcheong region (July).

The consultation windows of the Ministry of Trade, Industry and Energy and the Ministry of Environment, which had been separate until now, have been unified into the "Government Joint Carbon Border Adjustment Mechanism Consultation Desk (Help Desk)" to improve user convenience.

Additionally, from this year, a new support project will be launched and conducted to provide consulting services such as carbon emission calculation for small and medium-sized enterprises (SMEs) and mid-sized companies that lack experience in calculating carbon emissions. The Ministry of SMEs and Startups plans to announce the second round of related support projects from April 6 to 31, while the Ministry of Environment will announce from the 22nd and accept company applications until May 17.

Along with this, the government has decided to notify Korean export companies in advance whether they are subject to the EU Carbon Border Adjustment Mechanism. When Korean companies export target items to EU member countries, the Korea Customs Service Export-Import Company Support Center will contact companies via phone, text, or email to provide information about the system.

So far, the government has conducted about 690 consultations through the consultation desk until the 22nd. It also held about ten company briefing sessions and meetings last year. Furthermore, it has distributed and continuously updated implementation guidelines and industry-specific commentaries on the Carbon Border Adjustment Mechanism for Korean companies to utilize.

Yang Byeong-nae, Deputy Minister for Trade at the Ministry of Trade, Industry and Energy, said, "We will concentrate cross-ministerial capabilities to provide easy-to-understand guidance on how our companies can comply with the system, including carbon emission calculation," adding, "We will also simultaneously support technology and equipment for fundamental carbon emission reduction."