Sejong, August 4 - The 2050 Carbon Neutrality and Green Growth Commission (CNC) held the "1st International Emissions Reduction Council" on August 2 (Tue) at 9 a.m. at the Government Complex Sejong, chaired by the CNC secretary general Lee Jung-won (2nd Vice Minister, Office for Government Policy Coordination). The Council reported and took decisions on the four agendas1 for the organization of a domestic promotion system for international emissions reduction projects and their activation. The council also reorganized the legal system as part of the promotion system for international emissions reduction projects by establishing an "integrated support platform" for working-level officials of relevant ministries, superintended by CNC and the International Emissions Reduction Council (chairman: 2nd Vice Minister). The council also prepared an announcement (draft) of international emissions reduction projects. In addition, the council plans to report (non-disclosed) "international emissions reduction project promotion strategy (draft)" containing measures to activate international emissions reduction projects and submit it to the Ministerial Meeting on the International Economic Affairs in August.

The International Emissions Reduction Council is established under the Enforcement Decree of the Framework Act on Carbon Neutrality to review and revise2 matters concerning international emissions reduction projects.

The chairman, Lee Jung-won, is the 2nd Vice Minister of the Office for Government Policy Coordination. In addition, Director-General level officials from nine ministries will participate as members, including the Office for Government Policy Coordination, Ministry of Economy and Finance, Ministry of Trade, Industry and Energy, Ministry of Environment, Ministry of Foreign Affairs, Ministry of Land, Infrastructure and Transport, Ministry of Agriculture, Food and Rural Affairs, Ministry of Oceans and Fisheries, and Korea Forest Service.

International emissions reduction projects are conducted in such a way that domestic companies promote greenhouse emissions reduction projects overseas and transfer internationally recognized reduction performance records to Korea3. Last year, Korea proposed to reduce 33.5 million tons of CO2eq (1.5% of the total reduction target) of greenhouse emissions as part of the 2030 Nationally Determined Contribution (NDC) by using an international emissions reduction means.

The main contents of the agenda reported and resolved by the council today are as follows:

①「Regulations on the operation of the International Emissions Reduction Council」(reviewed and resolved)

The International Emissions Reduction Council will review and revise matters relating to international emissions reduction projects overall. These include ▲ prior approval and approval cancellation for international emissions reduction projects, ▲ review of the registration of international emissions reduction performance records and their transfer to Korea, ▲ formation and operation of international emissions reduction consultative bodies that will be jointly composed with foreign governments, ▲ and strategies and plans for implementing international emissions reduction projects.

②「Establishment of an integrated support platform for international emissions reduction projects and plans for their operation」(reported)

CNC will organize an integrated support platform in which relevant ministries, dedicated institutions, international organizations, and international emissions reduction experts will participate to promote and examine detailed policy tasks.

CNC plans to support the duties of the International Emissions Reduction Council through this platform for the smooth operation of international emissions reduction projects by cultivating the business capabilities of dedicated institutions4 through collaboration and the sharing of knowledge between institutions.

③「Promotion strategies for international emissions reduction projects」(reported)

To support international emissions reduction targets cost-effectively and expand opportunities for companies with excellent emissions reduction technologies to participate in new markets, the council reported strategies for promoting international emissions reduction projects. These strategies include the following policy tasks: ① establishment of domestic promotion infrastructure, ② establishment of conditions for cooperation between countries, ③ and prompting the activation of projects

④「Announcement (draft) of international emissions reduction projects」(reported)

Following the「Framework Act on Carbon Neutrality」and Enforcement Decree, the council plans to prepare a complete domestic legal system for international emissions reduction projects by establishing an「announcement (draft) of international emissions reduction projects」. Accordingly, many uncertainties that may arise in private companies' promotion of their projects are expected to be resolved. The announcement contains information on simplifying the pre-approval process of project plans and will be released in September after making an administrative pre-announcement.

2nd Vice Minister Lee Jung-won said, "Today's council meeting is of great significance in that it established the domestic promotion and legal systems for international emissions reduction projects." In addition, Lee emphasized that "We must promptly sign agreements with partner countries to activate international emissions reduction projects and actively identify and promote pilot projects by ministries so that private companies can participate

1 (Resolved) regulations on the operation of the International Emissions Reduction Council; 

(Reported) ① Establishment of an integrated support platform for international emissions reduction projects and plans for their operation, ② implementation of the strategy for international emissions reduction projects, ③ announcement (draft) of international emissions reduction projects.

2▲ Prior approval and approval cancellation for international emissions reduction projects, ▲ review of the registration of international emissions reduction performance records and their transfer to Korea, ▲strategies and plans for implementing international emissions reduction projects, and so on.

3(Example) A domestic company conducts a solar power supply project overseas based on bilateral agreements with the partner country → the emissions reduction performance records are transferred from the partner country to Korea → the government secures the emissions reduction performance records that are equivalent to the project support funds.

4 The nine ministries that participated in the International Emissions Reduction Council, dedicated institutions (e.g., Korea Energy Agency, Korea Trade-Investment Promotion Agency, Korea Environment Corporation, Korea Marine Environment Management Corporation, Export-Import Bank of Korea, and International Construction Information Service), and international organizations (e.g., GGGI) will participate.

Contact: Kim Do-hoon, Deputy Director

Climate Change International Cooperation Team / +82-(0)44-201-6606