The Korean government held the first joint explanatory meeting on April 2 at the Busan-Gyeongnam Training Institute of the Korea SMEs and Startups Agency (KOSME) to leverage international environmental regulations such as the European Union Carbon Border Adjustment Mechanism (CBAM) as a new opportunity for export expansion, with related ministries (Ministry of Trade, Industry and Energy (MOTIE); Ministry of SMEs and Startups (MSS); Ministry of Environment (ME); Korea Customs Service (KCS)) and related agencies jointly participating, and announced support measures for companies related to this year’s CBAM.

First, the government reorganized scattered explanatory meetings conducted by each ministry and agency into regional “outreach explanatory meetings.” Starting with the Yeongnam region this time, meetings will continue in regions with many affected businesses such as the metropolitan area (May, October) and Chungcheong region (July).

Second, the government unified the consultation desks of the MOTIE and the ME, which had been separated, into a single ‘Government Joint CBAM Help Desk’ to improve user convenience. In the future, by contacting the unified number 1551-3213, users can receive consultations from experts based on consultation topics.

Third, starting this year, a new support program will be established and implemented to provide consulting on carbon emission calculation to SMEs and mid-sized companies with insufficient experience in calculating carbon emissions. The MSS plans to conduct the second round of announcements for related support programs from May 6 to May 31, while the ME plans to proceed with the announcement from April 22 to May 17 to accept company applications.

Fourth, Korean export companies will be informed in advance of their eligibility for the EU CBAM. Specifically, if goods are exported by Korean companies to EU member countries, contact will be made by the Export-Import Enterprise Support Center of the KCS through phone calls, text messages, or emails to provide information and guidance on the mechanism.

Over the past period, consultations have been conducted through the help desk, totaling around 690 consultations until March 22, 2024. And around 10 corporate briefing sessions and meetings were held last year. Furthermore, guidelines for implementing the CBAM and explanatory docu.ments by industry have been distributed and continuously updated to be utilized by Korean companies.

This year’s first joint government explanatory meeting was attended by around 160 representatives from companies in the Yeongnam region who had pre-registered. Experts from various agencies such as the MOTIE and the ME explained carbon emission calculation methods, how to fill out information provision forms, and other topics for about two hours.

Yang Byeong-nae, Deputy Minister of Industry and Trade at MOTIE, stated, “We will concentrate the collective capabilities of various ministries to provide easy-to-understand guidance on the calculation of carbon emissions and compliance methods for our companies.” He added, “We will also concurrently support technology and facilities for fundamental reduction of carbon emissions.”

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