Bank of Korea, KCCI, and Nonghyup Central Association Must Mandatorily Purchase Green Products

Amendment to the Enforcement Decree of the Green Product Purchase Promotion Act Approved at Cabinet Meeting
Over 5,000 Government 100% Funded Institutions Added

Han Hwa-jin, Minister of Environment, is responding to questions from lawmakers at the Environment and Labor Committee plenary meeting held at the National Assembly on the 16th. Photo by Kim Hyun-min kimhyun81@

The Korea Broadcasting System, the Bank of Korea, and the Korea Chamber of Commerce and Industry will also be included in the mandatory green product purchasing targets starting January 1 next year.

On the 13th, the Ministry of Environment announced that the amendment to the Enforcement Decree of the Act on Promotion of Green Product Purchasing, which expands the scope of mandatory green product purchasing, was approved at the Cabinet meeting on the same day and will take effect from January 1 next year.

With this amendment, about 5,000 institutions, including government-funded organizations, private schools, and corporations established under special laws, will be included in the mandatory green product purchasing targets.

The newly added targets include the National Agricultural Cooperative Federation, Korea Broadcasting System, Korea Forestry Cooperative Federation, Korea Chamber of Commerce and Industry, National Federation of Fisheries Cooperatives, Korea Federation of Small and Medium Business, Korea Educational Broadcasting System, and the Bank of Korea.

The mandatory green product purchasing system is designed to expand the green product market by utilizing the government's purchasing power, which accounted for about 10% of the gross domestic product (GDP) of 2,161 trillion won in 2022, by having public institutions prioritize purchasing green products according to their own targets.

Currently, mandatory green product purchasing is being implemented by about 40,000 public institutions, including national agencies, local governments, public enterprises, and government-funded research institutes.

The Ministry of Environment expects that with the expansion of institutions subject to mandatory green product purchasing, green consumption and production will become more active, and the amount spent on green product purchases will increase from 4.2 trillion won in 2022 to 4.4 trillion won in 2025.

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