Article Details

2025-02-28

   The South Korean government announced that it will officially implement the 'Act on the Capture, Transportation, Storage, and Utilization of Carbon Dioxide', which was enacted in February of last year, starting from February 7th of this year.

   Developed countries including the United States and the European Union (EU) recognize carbon capture, utilization, and storage (CCUS) technology as a core means of realizing carbon neutrality and have enacted and operated laws to foster it as a new industry. Through the implementation of this law, Korea is also expected to unify the CCUS-related regulations scattered across about 40 individual laws, and further accelerate the promotion of the CCUS industry and support for related companies.

   The Carbon Dioxide Storage and Utilization Act systematically regulates the process of securing and operating carbon dioxide storage sites, which are essential for reducing greenhouse gas emissions, such as the procedure for selecting and announcing land or sea storage candidate sites, storage project permits, and monitoring systems. In addition, it also includes various corporate support contents such as confirmation and support of specialized carbon dioxide utilization companies, technology and product certification, support for demonstration and commercialization, and subsidies and loans for project expenses to create a foundation for the growth of the CCUS industry.

   Choi Yeon-woo, Energy Policy Officer at the Ministry of Trade, Industry and Energy, said that the implementation of the Carbon Dioxide Storage and Utilization Act has provided administrative and financial support grounds for the implementation of the 2030 NDC basic plan (National Greenhouse Gas Reduction Target) and the development and fostering of CCUS-related technologies and industries, and announced that they will establish a basic plan to support this without any setbacks.

Source: https://www.korea.kr/news/policyNewsView.do?newsId=148939301