October 24, 2023, KEY co-organized the Korea-Europe Carbon Neutrality Forum with Yonsei University (EU Jean Monnet Center) and Korea Social Science Research Council (KOSSREC), to discuss the implications of the Carbon Border Adjustment Mechanism (CBAM) and corporate response trends.

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The forum was well-attended by policymakers of the National Assembly, business leaders, and academics and students, filling the 100 seats of the conference room. The first session, chaired by Dean Yeonho Lee of Yonsei University's College of Social Sciences, focused on the regulatory framework of CBAM, with presentations from Jorg Weberndorfer, Minister Counsellor at the EU Delegation to Korea. The panelists (from KIEP, POSCO Research Institute, National Assembly Research Service, KB Bank, Kim & Chang) discussed the key features of CBAM, its potential impact on Korean businesses, and the timeline for its implementation.

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The second session, chaired by President Philippe Li of KEY, focused on corporate response trends for achieving carbon neutrality, with presentations from Joseph Dellatte, Research Fellow at Institut Montaigne. The panelists, composed of representatives from SK Geo Centric, GTT, Veolia Korea, and Carbios shared their insights on the challenges and opportunities of carbon neutrality, and the steps that companies are taking to reduce their carbon emissions.

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The forum was a valuable opportunity to exchange insights and ideas on this important topic. We are grateful to all of the speakers, panelists, and participants for their contributions.

 

Here are some key takeaways from the forum:

 

• The CBAM is a complex piece of legislation, but it is clear that it will have a significant impact on businesses that import goods into the EU.

• Korea businesses need to start preparing for the CBAM now by developing a carbon accounting system and identifying ways to reduce their emissions.

•  Companies are taking a variety of steps to reduce their carbon emissions, including investing in renewable energy, improving energy efficiency, and developing new technologies.

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Read the full review of the event and discussion here.