{"id":2201692,"date":"2023-07-13T18:42:58","date_gmt":"2023-07-13T09:42:58","guid":{"rendered":"https:\/\/koreapro.org\/?p=2201692"},"modified":"2023-07-14T18:39:54","modified_gmt":"2023-07-14T09:39:54","slug":"south-korea-struggles-to-adapt-to-europes-new-emission-rules","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/07\/south-korea-struggles-to-adapt-to-europes-new-emission-rules\/","title":{"rendered":"South Korea struggles to adapt to Europe\u2019s new emission rules"},"content":{"rendered":"

A group of South Korean governmental bodies recently wrapped up their <\/span>second meeting<\/span><\/a> analyzing the effects of the EU\u2019s Carbon Border Adjustment Mechanism (<\/span>CBAM<\/span><\/a>) on Korean enterprises. The South Korean government\u2019s standpoint remains consistent \u2014 to <\/span>mitigate<\/span><\/a> the repercussions of CBAM on Korean exporters to the EU.\u00a0<\/span><\/p>\n

But questions remain as to how effective Seoul\u2019s response will be, as complying with the EU\u2019s new rule will create new operational costs and attempting to reduce the impact on domestic firms could conflict with international trade law.<\/span><\/p>\n

As it enters a transitional phase in <\/span>Oct. 2023<\/span><\/a>, CBAM will require firms within the EU to disclose embedded greenhouse gas (GHG) emissions arising from suppliers or trade partners outside of the union. This will cover sectors identified as posing high carbon leakage risks, such as cement, iron and steel, aluminum, fertilizers, electricity and hydrogen. Accounting for indirect GHG emissions can require disclosures for all imported products, materials and services, such as offshored manufacturing processes.<\/span><\/p>\n

Instituted through the EU\u2019s Emissions Trading System, CBAM is a regulation designed to counteract carbon leakage related to products imported into or supply chains that extend outside the EU.<\/span><\/p>\n

Carbon leakage refers to GHG emissions attributed to a specific nation but not included in its national carbon accounting due to the emissions\u2019 origination beyond its territorial borders. This typically occurs when industries shift their operations abroad, frequently to regions with lower energy costs or less stringent environmental regulations. Another typical scenario includes EU companies receiving or importing intermediate goods from outside the EU.<\/span><\/p>\n

It is crucial to account for carbon leakage to understand a nation\u2019s total emissions comprehensively, particularly in implementing carbon taxation. This practice can aid in developing more accurate and equitable strategies for global carbon management.<\/span><\/p>\n

A standard reporting method for emissions that fall under the remit of the CBAM will be imposed from Jan. 2025. Subsequently, from Jan. 2026, EU firms will be expected to surrender their CBAM certificates for GHG emissions, which are to be priced based on the weekly average auction price of emission allowances.<\/span><\/p>\n

The EU seeks to comprehensively account for direct and indirect GHG emissions across supply chains by adopting these strategies. This effort is a significant step toward achieving the goals outlined in its <\/span>Fit for 55<\/span><\/a> climate legislation. The law mandates the reduction of net GHG emissions by 55%, using 1990 levels as the baseline, to be achieved by 2030.<\/span><\/p>\n

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Emissions from a power plant | Image: bhumann34 via Pixabay<\/a><\/em><\/p><\/div>\n

PROJECTED IMPACTS<\/b><\/p>\n

Scholars have rigorously examined the potential macroeconomic impact of CBAM on South Korea. The anticipated <\/span>trade restrictive impacts<\/span><\/a> are the most prominent possible repercussions, particularly in <\/span>export-focused industrial sectors<\/span><\/a> like steel. Additional studies highlight the possible nudging effect of CBAM, <\/span>encouraging<\/span><\/a> Korean businesses to enhance the sustainability of their manufacturing processes.<\/span><\/p>\n

Economies and sectors that export to the EU and can reconfigure their production processes, as well as the design and functionality of their products or services, may be able to adapt sufficiently to mitigate CBAM\u2019s potential negative impacts. Conversely, other sectors, facing more substantial transitional challenges due to insufficient funding to modify their economic activities or retrain workers for new technologies, will likely shoulder a <\/span>greater proportion<\/span><\/a> of the associated costs.<\/span><\/p>\n

CBAM is an efficient policy tool to address carbon leakage within the EU, which already boasts an intricate web of sustainability-linked standards concerning emissions and energy use \u2014 as evidenced by the <\/span>EU\u2019s air quality directive<\/span><\/a>. EU producers risk significant penalties for violating the regulatory framework regarding sustainability disclosures and impact.<\/span><\/p>\n

As a countermeasure against firms that offshore the most pollutive aspects of their production processes, CBAM subjects EU firms to more meticulous scrutiny. Further, EU member states can access financial support from the European Commission to facilitate the transition process.<\/span><\/p>\n

However, for economies like South Korea that lack the backing of a wealthy, multilateral economic union like that of the EU, individual economic actors are responsible for financing and executing sustainability initiatives. This highlights the crucial role of government in protecting the economy from potential external or exogenous shocks.<\/span><\/p>\n

WEB OF CHALLENGES<\/b><\/p>\n

The conundrum for South Korea lies at the center of a three-pronged challenge: an evolving competitive landscape that demands traditional and sustainability-driven firm-level performance; the added operational costs necessary to prove compliance with EU standards; and potential conflicts with international trade law as administered by the World Trade Organization (WTO).<\/span><\/p>\n

Despite having its own <\/span>cap-and-trade system and net zero transition policy<\/span><\/a>, the South Korean government faces the task of safeguarding its most vulnerable economic entities from a projected surge in costs following CBAM\u2019s implementation.\u00a0<\/span><\/p>\n

These costs could manifest in various forms. For instance, they might include the cost of employing more workers with the expertise required to prepare sustainability-related disclosures. However, the longer term and more substantial cost lies in maintaining competitiveness.<\/span><\/p>\n

Traditional attributes that render a firm an appealing partner in a supply chain, such as production costs, may no longer suffice in transactions with EU businesses. Consequently, Korean firms will need to invest in capital, such as labor or entrepreneurship, to ensure their competitiveness within the global market.<\/span><\/p>\n

The requirement to purchase CBAM certificates will undoubtedly alter the cost-benefit analysis employed by EU firms in choosing suppliers, as a sizeable carbon footprint could outweigh the savings from lower production costs.<\/span><\/p>\n

Although a comprehensive strategy has yet to be unveiled, the ROK finds itself in a critical position to provide financial aid to companies for immediate upfront costs. Concurrently, there is an urgent need to finance capital upgrades in sectors such as steel and energy, which are likely to encounter heightened competition.<\/span><\/p>\n

However, providing subsidies designed for domestic firms could conflict with the ROK\u2019s commitments to the WTO. Resorting to such measures could instigate trade disputes within the WTO, a forum where Korea has previously dealt with <\/span>numerous disputes<\/span><\/a> involving subsidies inconsistent with WTO regulations.<\/span><\/p>\n

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Burning coal | Image: Pixabay via VIVIANE6276<\/a><\/em><\/p><\/div>\n

GOING AHEAD<\/b><\/p>\n

Market-based mechanisms that seek to reduce environmental impact, like CBAM, have the potential to drive companies toward adhering to progressively stringent norms. Such a shift invariably incurs transitional costs as companies grapple with new expectations.\u00a0<\/span><\/p>\n

However, when these new demands are imposed on firms in highly volatile economies or sectors without requisite governmental intervention, the risks of severe financial loss can escalate. South Korea\u2019s iron and steel industry is a classic example of a sector where limited financial insulation exposes it to <\/span>significant risk from external economic shocks<\/span><\/a>.<\/span><\/p>\n

The foremost concern, however, centers on how these firms respond to shocks under volatile economic conditions. It is noteworthy to recall South Korea\u2019s 2018 policy of designating \u201c<\/span>industrial crisis zones<\/span><\/a>,\u201d an initiative aimed at providing socio-economic protection as firms navigated structural adjustments and plant closures. Such measures can lead to structural unemployment, potentially depriving households of essential income.<\/span><\/p>\n

Regardless of the South Korean government’s strategy, it will require more specific public spending. This implies seeking out high-impact expenditure avenues that establish financial safeguards where they are most needed, such as people-focused initiatives that safeguard the domestic labor market while avoiding potential trade disputes ignited by wide-ranging production subsidies.\u00a0<\/span><\/p>\n

Specific public spending also denotes implementing complementary measures to subsidies, such as engaging in negotiations with the EU to arrange a timetable of concessions, ensuring that vulnerable firms and populations are not left behind.<\/span><\/p>\n

This arrangement would need to incorporate differentiated responsibilities based on geographic location and capabilities. Rather than issuing blanket allowances to South Korea\u2019s largest firms, flexibilities should be offered on a more <\/span>detailed, specified basis<\/span><\/a> to aid and hasten an inclusive transition.<\/span><\/p>\n

A timetable of concessions is beneficial in maintaining productive economic relationships under a mutually agreed progression of phasing out flexibilities. This not only spares EU companies with ties to Korean suppliers the burden of sourcing alternatives but also helps mitigate the risk of Korean firms turning to drastic measures, such as structural adjustments that can devastate people\u2019s livelihoods.<\/span><\/p>\n

CBAM can stimulate efforts in emissions trading systems by addressing a persistent issue: carbon leakage. With the EU responsible for 16% of global imports and exports, it can act as a conduit for the heightened ambition embodied in CBAM. However, for economies and businesses that continue with their conventional practices, CBAM may entail significant economic repercussions.<\/span><\/p>\n

In its quest to mitigate these potential consequences, the South Korean government will, over the long term, need to address the dual challenges of amplifying its sustainable development agenda while remaining sensitive to those most vulnerable to change.<\/span><\/p>\n

Edited by John Lee<\/span><\/i><\/p>\n

Business & Economy<\/span><\/a>Inter-Korean & Foreign Relations<\/span><\/a>Technology & Cyber<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"

A group of South Korean governmental bodies recently wrapped up their second meeting analyzing the effects of the EU\u2019s Carbon Border Adjustment Mechanism (CBAM) on Korean enterprises. The South Korean government\u2019s standpoint remains consistent \u2014 to mitigate the repercussions of CBAM on Korean exporters to the EU.\u00a0 But questions remain as to how effective Seoul\u2019s […]<\/p>\n","protected":false},"author":10207,"featured_media":2201694,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[24,28,29],"class_list":["post-2201692","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-business-economy","tag-inter-korean-foreign-relations","tag-technology-cyber"],"yoast_head":"\nSouth Korea struggles to adapt to Europe\u2019s new emission rules - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/07\/south-korea-struggles-to-adapt-to-europes-new-emission-rules\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea struggles to adapt to Europe\u2019s new emission rules - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"A group of South Korean governmental bodies recently wrapped up their second meeting analyzing the effects of the EU\u2019s Carbon Border Adjustment Mechanism (CBAM) on Korean enterprises. 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