Han Hwajin: "Speed Up Innovation to Overcome 'Killer Regulations' That Hinder Corporate Investment"

Lecture at the Korea Chamber of Commerce Jeju Forum on the 13th

Han Hwa-jin, Minister of Environment, is giving a lecture on the 13th at the Jeju Haevichi Hotel in Seogwipo-si, Jeju, at the '2023 Korea Chamber of Commerce and Industry Jeju Forum' hosted by the Korea Chamber of Commerce and Industry. Photo by Korea Chamber of Commerce and Industry

Han Hwajin, Minister of Environment, expressed her determination to swiftly innovate 'killer regulations' that hinder corporate investment and cause inconvenience to the public.

On the 13th, at the Jeju Forum hosted by the Korea Chamber of Commerce and Industry (KCCI) held at the Haevichi Hotel & Resort in Jeju, Minister Han stated, "We will lead national growth through rational regulatory improvements based on science," emphasizing, "Environmental agendas such as climate change are emerging as carbon trade barriers, mandatory use of recycled materials for plastics and batteries, and ESG (Environmental, Social, and Governance) requirements. We must seize the new carbon market as an opportunity for our economy to leap forward."

Minister Han said, "Global environmental issues like carbon neutrality are having a significant impact on corporate management and the global economy beyond the necessity of environmental preservation," adding, "Now, companies must proactively assess their climate crisis adaptation capabilities and take necessary measures to conduct normal business activities."

As representative examples of killer regulations, she cited environmental impact assessments and standards for registering new chemical substances and managing toxic substances. Minister Han explained, "We will improve the environmental impact assessment, which has applied uniform standards so far, to focus or simplify the assessment depending on the degree of environmental impact," and added, "We plan to reduce the time and cost required for environmental impact assessments by providing previously secured or accumulated assessment information in advance."

She continued, "By amending the 'Act on Registration and Evaluation of Chemicals,' we will rationalize the registration standards for new chemical substances, which do not meet international standards, to the level of the European Union (EU)," further explaining, "Currently, chemical substances manufactured or imported in quantities of 0.1 tons or more must be registered; we will improve this to require registration for 1 ton or more (and notification for less than 1 ton)."

After her lecture that day, Minister Han signed a Memorandum of Understanding (MOU) with Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, to establish and enhance the soundness of the domestic voluntary carbon market.

The voluntary carbon market is a market where companies, local governments, and individuals voluntarily carry out reduction projects and trade the resulting reduction achievements. This is distinct from the 'regulatory market,' where international organizations or governments allocate greenhouse gas emission permits and trade surpluses or deficits of permits to meet targets.

Through this agreement, the Ministry of Environment plans to leverage its experience operating the emissions trading system to regularly communicate with the Carbon Reduction Certification Center established by KCCI in January this year. Furthermore, to revitalize the voluntary carbon market, the Ministry will form a 'One-Team' with the industry to actively support voluntary reduction activities by companies and jointly conduct various research and survey activities to enhance the reliability of the voluntary carbon market.

Chairman Choi Tae-won said, "This agreement is expected to help the early establishment and activation of the domestic voluntary carbon market," and added, "We hope to contribute to national greenhouse gas reduction through active cooperation." Minister Han Hwajin stated, "The important thing is to secure the reliability of carbon reduction achievements," and affirmed, "We will work as one team with KCCI to enhance the credibility of reduction results."

KCCI plans to actively promote the certification of voluntary carbon reduction achievements by companies in the second half of this year.

This content was produced with the assistance of AI translation services.