To step forward as an environment-friendly government, the Moon Jae-in Administration has announced its key environmental policies, including improving safety in chemical substances and household chemical products, and reinforcing implementation measures of the Paris Agreement. Under the “sustainable development” paradigm, the new administration will continually promote new regulations to protect the environment and strengthen its enforcement of environmental regulations.
Summary of Key Environmental Policies:
First, as part of heightened safety management of chemical substances, the Ministry of Environment (“MOE”) proposed a new legislation entitled “The Act on the Safety Management of Household Chemical Products & Biocides.” This proposed legislation requires all active substances and biocidal products to be approved before they are manufactured or imported, reflecting the new administration’s firm “No Safety, No Market” stance.
Second, the new administration is considering implementation of the “Environmental Impact Assessment Commission System.” Under this new system, a company that wishes to perform environmental impact assessment (“EIA”) would pay the government which will designate an environmental consultant to perform EIA on behalf of the company. This system will ensure the objectivity of the EIA by breaking direct economic interests between companies seeking EIA and environmental consultants performing EIA.
Also, the new administration reassigned the MOE as the main authority to manage the allocation of GHG emission trade allowance from the Ministry of Strategy and Finance. Further, the new administration expressed its plan to revise the “2030 GHG Reduction Roadmap.” The emission allowance allocation plan and the revised GHG reduction target for the Second Basic Plan Period (2018-2020) will be announced following discussions with the relevant industries.
Significance:
Given the public’s heightened interest in environment and safety, the new administration will continuously strengthen its enforcement of environmental regulations. Therefore, businesses should monitor the implementation status of these policies and provide their feedback to the government when necessary.
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