South Korea Korea to establish institutional basis for technological innovation and commercialization of CCUS industry

Korea to establish institutional basis for technological innovation and commercialization of CCUS industry

On May 13, 2022, the Ministry of Trade, Industry and Energy of South Korea, together with 2050 Carbon Neutral Green Growth Committee secretariat, the Ministry of Science and ICT, the Ministry of Environment, and the Ministry of Oceans and Fisheries, launched Task Force for Establishing Institutional Basis for Carbon dioxide Capture, Utilization and Storage (CCUS) to develop CCUS as a new energy industry for carbon neutrality and held the first meeting. At this meeting, discussions were held on CCUS-related regulations, overseas support schemes, matters necessary for the institutionalization of the CCUS Act, and ways for cooperation among relevant departments.