{"id":2202754,"date":"2023-11-16T08:00:15","date_gmt":"2023-11-15T23:00:15","guid":{"rendered":"https:\/\/koreapro.org\/?p=2202754"},"modified":"2023-11-15T16:04:29","modified_gmt":"2023-11-15T07:04:29","slug":"south-koreas-eu-carbon-tax-dilemma-economic-strain-vs-climate-action","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/11\/south-koreas-eu-carbon-tax-dilemma-economic-strain-vs-climate-action\/","title":{"rendered":"South Korea\u2019s EU carbon tax dilemma: Economic strain vs. climate action"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea has <\/span><a href=\"https:\/\/www.moef.go.kr\/nw\/nes\/detailNesDtaView.do;jsessionid=BsWQp5YOG+uZO0lj0YKmnrKz.node20?searchBbsId1=MOSFBBS_000000000028&amp;searchNttId1=MOSF_000000000066477&amp;menuNo=4010100\"><span style=\"font-weight: 400;\">requested<\/span><\/a><span style=\"font-weight: 400;\"> the European Union to acknowledge its carbon credit certification system concerning the EU\u2019s newly introduced <\/span><a href=\"https:\/\/taxation-customs.ec.europa.eu\/carbon-border-adjustment-mechanism_en\"><span style=\"font-weight: 400;\">Carbon Border Adjustment Mechanism<\/span><\/a><span style=\"font-weight: 400;\"> (CBAM), aiming to mitigate additional burdens on businesses. The appeal was made by South Korea\u2019s first vice finance minister Kim Byoung-hwan during discussions with Gerassimos Thomas, a senior official in the Directorate-General for Taxation and Customs Union at the European Commission. CBAM imposes import charges on products like steel, cement and aluminum, based on their carbon emissions during production.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">During the meeting in Seoul, Kim emphasized the importance of addressing climate challenges through mechanisms like the CBAM but cautioned against imposing undue financial strain on companies. He advocated for the EU\u2019s recognition of South Korea\u2019s carbon credit system to prevent double taxation for Korean businesses. Thomas indicated that the EU would consider South Korea\u2019s position and pledged to maintain ongoing dialogue.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The meeting between Kim Byoung-hwan and Gerassimos Thomas demonstrates Seoul\u2019s commitment to adapting to the CBAM. This discussion is crucial for aligning South Korea\u2019s policies and corporate practices with the EU\u2019s environmental regulations, particularly impacting key export sectors like <\/span><a href=\"https:\/\/www.koreatimes.co.kr\/www\/tech\/2023\/10\/129_360339.html\"><span style=\"font-weight: 400;\">steel<\/span><\/a><span style=\"font-weight: 400;\">. The discussion highlights the challenges the ROK faces in complying with international sustainability standards while mitigating economic impacts on domestic businesses.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This dialogue also has broader implications for global trade and environmental policy. The outcomes could set a precedent for how non-EU nations negotiate similar regulatory challenges, spotlighting nations\u2019 need to balance domestic economic strategies and international environmental directives. The meeting\u2019s results will impact global trade dynamics, where economic development and environmental sustainability are <\/span><a href=\"https:\/\/koreapro.org\/2023\/07\/south-korea-struggles-to-adapt-to-europes-new-emission-rules\/\"><span style=\"font-weight: 400;\">increasingly intertwined<\/span><\/a><span style=\"font-weight: 400;\">, shaping future diplomatic and trade relations.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/inter-korean-foreign-relations\/\"><span class=\"tag\">Inter-Korean &amp; Foreign Relations<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/technology-cyber\/\"><span class=\"tag\">Technology &amp; Cyber<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korea has requested the European Union to acknowledge its carbon credit certification system concerning the EU\u2019s newly introduced Carbon Border Adjustment Mechanism (CBAM), aiming to mitigate additional burdens on businesses. The appeal was made by South Korea\u2019s first vice finance minister Kim Byoung-hwan during discussions with Gerassimos Thomas, a senior official in the Directorate-General [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2202755,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,28,29],"class_list":["post-2202754","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-inter-korean-foreign-relations","tag-technology-cyber"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korea\u2019s EU carbon tax dilemma: Economic strain vs. climate action - 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\/11\/south-koreas-eu-carbon-tax-dilemma-economic-strain-vs-climate-action\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea\u2019s EU carbon tax dilemma: Economic strain vs. climate action - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea has requested the European Union to acknowledge its carbon credit certification system concerning the EU\u2019s newly introduced Carbon Border Adjustment Mechanism (CBAM), aiming to mitigate additional burdens on businesses. The appeal was made by South Korea\u2019s first vice finance minister Kim Byoung-hwan during discussions with Gerassimos Thomas, a senior official in the Directorate-General [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/koreapro.org\/2023\/11\/south-koreas-eu-carbon-tax-dilemma-economic-strain-vs-climate-action\/\" \/>\n<meta property=\"og:site_name\" content=\"KOREA PRO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/nknewsorg\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-15T23:00:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-15T07:04:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2023\/11\/eb-5.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"548\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"johnleenknews\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@southkoreapro\" \/>\n<meta name=\"twitter:site\" content=\"@southkoreapro\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"KOREA PRO\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/koreapro.org\/2023\/11\/south-koreas-eu-carbon-tax-dilemma-economic-strain-vs-climate-action\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/koreapro.org\/2023\/11\/south-koreas-eu-carbon-tax-dilemma-economic-strain-vs-climate-action\/\"},\"author\":{\"name\":\"johnleenknews\",\"@id\":\"https:\/\/koreapro.org\/#\/schema\/person\/b9766dba611638edc06a6e0b7078714d\"},\"headline\":\"South Korea\u2019s EU carbon tax dilemma: Economic strain vs. climate action\",\"datePublished\":\"2023-11-15T23:00:15+00:00\",\"dateModified\":\"2023-11-15T07:04:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/koreapro.org\/2023\/11\/south-koreas-eu-carbon-tax-dilemma-economic-strain-vs-climate-action\/\"},\"wordCount\":290,\"publisher\":{\"@id\":\"https:\/\/koreapro.org\/#organization\"},\"image\":{\"@id\":\"https:\/\/koreapro.org\/2023\/11\/south-koreas-eu-carbon-tax-dilemma-economic-strain-vs-climate-action\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/11\/eb-5.png\",\"keywords\":[\"Business &amp; Economy\",\"Inter-Korean &amp; Foreign Relations\",\"Technology &amp; Cyber\"],\"articleSection\":[\"Briefings\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/koreapro.org\/2023\/11\/south-koreas-eu-carbon-tax-dilemma-economic-strain-vs-climate-action\/\",\"url\":\"https:\/\/koreapro.org\/2023\/11\/south-koreas-eu-carbon-tax-dilemma-economic-strain-vs-climate-action\/\",\"name\":\"South Korea\u2019s EU carbon tax dilemma: Economic strain vs. climate action - KOREA PRO\",\"isPartOf\":{\"@id\":\"https:\/\/koreapro.org\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/koreapro.org\/2023\/11\/south-koreas-eu-carbon-tax-dilemma-economic-strain-vs-climate-action\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/koreapro.org\/2023\/11\/south-koreas-eu-carbon-tax-dilemma-economic-strain-vs-climate-action\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/11\/eb-5.png\",\"datePublished\":\"2023-11-15T23:00:15+00:00\",\"dateModified\":\"2023-11-15T07:04:29+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/koreapro.org\/2023\/11\/south-koreas-eu-carbon-tax-dilemma-economic-strain-vs-climate-action\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/koreapro.org\/2023\/11\/south-koreas-eu-carbon-tax-dilemma-economic-strain-vs-climate-action\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/koreapro.org\/2023\/11\/south-koreas-eu-carbon-tax-dilemma-economic-strain-vs-climate-action\/#primaryimage\",\"url\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/11\/eb-5.png\",\"contentUrl\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/11\/eb-5.png\",\"width\":1870,\"height\":1000},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/koreapro.org\/2023\/11\/south-koreas-eu-carbon-tax-dilemma-economic-strain-vs-climate-action\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/koreapro.org\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"South Korea\u2019s EU carbon tax dilemma: Economic strain vs. climate action\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/koreapro.org\/#website\",\"url\":\"https:\/\/koreapro.org\/\",\"name\":\"KOREA PRO\",\"description\":\"Be smart about South Korea. 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