International Conference on Transboundary Carbon Capture and Storage (CCS) Held to Explore Ways for International Cooperation toward Broadened CCS Landscape

1. The Ministry of Foreign Affairs and the Presidential Commission on Carbon Neutrality and Green Growth (hereinafter the Commission) co-hosted the International Conference on Transboundary Carbon Capture and Storage (CCS) on Wednesday, October 16, at the Fairmont Ambassador Seoul Hotel.

* Carbon Capture and Storage (CCS) is a technology that captures and safely stores carbon emitted from industrial activities and/or that already in the atmosphere.

ㅇ The Conference, attended by over 300 experts from climate- and energy-related institutes and academia, was held to review the transnational CCS environment in Korea and the international community, including relevant legal and institutional frameworks, and to discuss key countries' policies and the progress in their projects as well as cooperation measures in the field.

2. At the Conference, the International Maritime Organization (IMO) and the International Energy Agency (IEA) delivered keynote speeches to share global trends and the progress in the efforts regarding international law related to transboundary CCS.

ㅇ In the first session of the Conference, government officials from Korea, Australia, Japan and the European Union explained their respective policies and major projects on transboundary CCS.

ㅇ The second session featured presenters such as personnel of Wood Mackenzie and CO2CRC -- research institutes for energy market analyses -- and companies including Shell and Halliburton, who discussed opportunities and challenges for the private sector.

3. In his opening remarks, Co-Chair of the Commission Kim Sanghyup highlighted CCS as an essential method for reducing carbon emissions in order to achieve the carbon neutrality goal. Co-Chair Kim also explained that Korea, having succeeded in storing carbon under the sea on a small scale, is arranging transboundary CCS projects with Australia, Malaysia and others.

ㅇ He also stated that led by the Commission, relevant Korean government agencies have actively supported CCS-related projects and will continue to do so, including by supporting the development of innovative technologies and based on institutional frameworks such as the "Act on the Capture, Transportation, Storage and Utilization of Carbon Dioxide (CCUS Act)" enacted in February this year.

4. In his welcoming remarks, Chung Keeyong, Ambassador and Deputy Minister for Climate Change at the Korean Ministry of Foreign Affairs, emphasized the importance of the CCS technology, saying that the global community is seeking diverse and innovative measures to respond to the serious climate crisis.

ㅇ In particular, Ambassador Chung pointed out that interest in transboundary CCS is increasing significantly in countries with high-emission industrial-economic structures or in regions where carbon storage is not geologically feasible.

ㅇ He stated that in order to promote the CCS technology in such regions, various measures such as laws and systems must be established. On that note, he expressed hope that this Conference will serve as a platform for coming up with new ideas and realistic strategies for cooperation.

5. The conference is evaluated to have contributed to activating discussions on transboundary CCS, which is increasingly drawing attention from the international climate and energy sector, and to fostering international cooperation among various public and private stakeholders.

ㅇ The Korean government will continue to make diverse efforts to achieve carbon neutrality in the country and the international community.

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