South Korea's "Carbon Neutrality Law" comes into effect

South Korea's "Basic Law on Carbon Neutrality and Green Development" for short "Carbon Neutrality Law" came into effect on the 25th

On the 22nd, the South Korean government confirmed and announced the "Enforcement Decree of the Basic Law on Carbon Neutrality and Green Development to Address the Climate Crisis", completing the formulation of the relevant legal system

The "Carbon Neutrality Law" was enacted and published on September 24 last year, and contains legal procedures and policy tools to achieve the national goal of carbon neutrality by 2050

A carbon neutrality enforcement system has also been established, which aims to ensure that basic plans are developed and evaluated on a national and regional basis

According to the law, the “2050 Carbon Neutral Green Development Committee”, a co-governance agency between the public and the government, will be established, as will local committees

In addition, the climate change impact assessment system will be introduced in stages from September this year after the pilot operation

In addition, in order to protect and assist areas and groups that suffer losses in the process of carbon neutrality, the government will formulate "justice transition measures", designate areas that suffer greater losses in the process of carbon neutrality as "justice special areas" and aid

The overall green transformation of the society and economy, such as green management and environmental protection technology R&D and commercialization, infrastructure construction of environmental protection technology and industrial standardization, green job creation, and related tax systems, will also be promoted

In order to obtain the necessary financial resources, the government began to operate a "climate response fund" in January this year

Carbon neutrality refers to offsetting the carbon dioxide emitted by individuals, enterprises, groups, etc.