Fair Trade Commission Holds Meeting with Climate Tech Companies... Moves to Improve Regulations

Listening to Challenges and Suggestions from Ventures and Startups
Promoting Related Industry Development Policies through Research Projects

[Image source=Yonhap News]

The government has begun efforts to improve regulations to foster the climate tech industry, a new growth engine.

On the 14th, the Fair Trade Commission announced that it held a meeting with the Venture Business Association and climate tech companies to discuss regulatory improvements for the industry.

Climate tech is a compound word of 'climate' and 'technology,' referring to all innovative technologies that contribute to greenhouse gas reduction and climate adaptation while generating profits. It is broadly divided into five sectors: clean energy, carbon capture, resource circulation, agriculture and food, and observation and climate adaptation.

The climate tech industry is showing high growth as global consensus on responding to climate change spreads and countries' efforts to accelerate carbon neutrality increase, making it a new growth engine in the carbon-neutral era.

In addition to the government's efforts to secure a lead in the new climate tech market and achieve carbon neutrality goals, the Fair Trade Commission is promoting regulatory improvements that hinder investment activities of climate tech companies as a key task for this year.

This meeting was organized to hear the difficulties faced by the industry before preparing policy measures for regulatory improvements in the climate tech sector. The National Assembly Future Research Institute and the Venture Business Association also participated to help understand industry trends, policy directions, and the status and challenges of related venture companies.

Climate tech companies based on new technologies and original ideas, such as autonomous driving platforms, circular resource collection, cultured meat processing, fine dust suppressants using waste, and sustainable feed development using larvae, attended and presented their difficulties and opinions on government policies.

Nam Dong-il, Director of the Competition Policy Bureau at the Fair Trade Commission, said, “Even if there are ideas for new technologies in the climate tech industry, a lot of funds and time are required until the technology is developed and commercialized, making investment recovery uncertain and investment attraction difficult. We will consult with relevant ministries to find improvements regarding competition-restrictive regulations that hinder corporate innovation investment.”

The Fair Trade Commission plans to commission a research project for regulatory improvements in the climate tech industry. A Fair Trade Commission official said, “We will reflect the industry’s suggestions presented at the meeting in the research content and use them as a reference to create a policy environment for the development of the climate tech industry.”

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