Korea has always responded quickly to emerging economic trends, and the European Union’s recent introduction of a carbon import tax (CBAM) is no exception.
The Korean government has started negotiations and announced improvements to the domestic carbon trading system (K-ETS). Korean businesses have announced plans for green technological upgrading.
Meanwhile, the United States is planning a similar tax under its Clean Competition Act.
While a “rapid response” to these measures is important, Korean policymakers should not lose sight of the bigger picture. Korea is well-positioned to shape ― and benefit from ― the emerging “green” economic order and Korea can change its role from “rapid responder” to international policy leader.
Read the complete article at The Korea Times.