- MOTIE and European Commission hold joint information session on CBAM 2023-11-15
The Ministry of Trade, Industry and Energy (MOTIE) and the European Commission held a joint information session on the EU’s Carbon Border Adjustment Mechanism (CBAM) on November 15 at the Korea Chamber of Commerce and Industry (KCCI), which was first proposed by MOTIE’s Trade Minister Dukgeun Ahn last December as a form of outreach and accepted by the EU.
Gerassimos Thomas, Director General of the Directorate-General for Taxation and Customs Union at the European Commission, gave a firsthand briefing on the general content of CBAM and its future implementation. The transitional period for CBAM began on October 1 and extends through 2025 prior to enforcement in 2026.
Approximately 150 representatives from Korea’s research institutions, law firms and companies of various sectors like steel, automobiles and electronics attended the session, showing a high degree of interest in CBAM. An intense discussion also followed during the Q&A session regarding the differences between Korean and European methods for calculating emissions, emissions reporting and the emission trading system (ETS).
In his opening message, MOTIE’s Deputy Minister for Trade Yang Byeong-nae stated that he looks forward to “seeing the policy intentions of EU authorities and challenges facing Korean companies be mutually well understood so as to heighten the understanding and acceptance towards the system,” and added that “the Korean government will also contribute to the establishment of reasonable CBAM enforcement laws by taking on-site opinions into fullest consideration when consulting with the EU authorities.”
MOTIE, along with the Ministry of Economy and Finance (MOEF), Ministry of Environment (ME) and Ministry of SMEs and Startups (MSS), voiced the stance of Korea’s stakeholders on CBAM through high-level talks and working-level technical consultations, while making efforts to explain the K-ETS and other relevant systems to make sure that future enforcement legislations will factor in Korea’s circumstances to the utmost.