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Policy
Korea
2021
Second Revised/Updated NDC of Korea
Korea's Nationally Determined Contributions (NDC) as part of the Paris Agreement was updated in 2021, and further refined in 2023 through the setting of National Emissions Reduction Plan. The updated NDC in 2021 raised Korea's emission reduction targets from 26.3% of 2018 levels to 40% of 2018 levels. The 2023 Plan specified and updated targets by economic subsector, while maintaining the overall 40% target.
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Policy
Korea
2022
Korea-U.S. High-Tech Industry & Clean Energy Partnership MOU
The US and South Korea signed twenty-three (23) memoranda of understanding (MOUs) on 26 April 2023 for stronger high-tech cooperation in battery, bio, autonomous vehicles, aviation, robotics, hydrogen, nuclear power, carbon neutral, oil and gas, ammonia, CCUS, small modular reactor (SMR), renewable energy, critical minerals, etc.To stabilise the supply of critical minerals, the two countries agreed on the following: K-SURE and Multilateral Investment Guarantee Agency (MIGA) will provide financial assistance for Korean firms' overseas investment projects to support investments in developing countries. New working groups will be established in the Supply Chain and Commercial Dialogue (SCCD…
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Policy
Korea
2023
Korea-Canada MOU on Cooperation in Critical Mineral Supply Chains, the Clean Energy Transition and Energy Security
The 2023 Memorandum of Understanding (MOU) between Canada and the Republic of Korea focuses on critical minerals and energy transition cooperation, reflecting a commitment to collaborative efforts in critical minerals and energy transition. Cooperation covers trade and investment in critical mineral supply chains, energy transition, information exchange on mineral processing and recycling, clean fuels like hydrogen, carbon capture and storage technologies, and manufacturing in areas such as clean energy, zero-emission vehicles, and semiconductors. Forms of cooperation include facilitating technology and investment activities, conducting joint workshops, organising missions, developing communication networks, encouraging collaboration with sub-national governments, and investment screening…
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Policy
United States
2022
Korea-U.S. High-Tech Industry & Clean Energy Partnership MOU
The US and South Korea signed twenty-three (23) memoranda of understanding (MOUs) on 26 April 2023 for stronger high-tech cooperation in battery, bio, autonomous vehicles, aviation, robotics, hydrogen, nuclear power, carbon neutral, oil and gas, ammonia, CCUS, small modular reactor (SMR), renewable energy, critical minerals, etc.To stabilise the supply of critical minerals, the two countries agreed on the following: K-SURE and Multilateral Investment Guarantee Agency (MIGA) will provide financial assistance for Korean firms' overseas investment projects to support investments in developing countries. New working groups will be established in the Supply Chain and Commercial Dialogue (SCCD…
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Policy
Canada
2023
Korea-Canada MOU on Cooperation in Critical Mineral Supply Chains, the Clean Energy Transition and Energy Security
The 2023 Memorandum of Understanding (MOU) between Canada and the Republic of Korea focuses on critical minerals and energy transition cooperation, reflecting a commitment to collaborative efforts in critical minerals and energy transition. Cooperation covers trade and investment in critical mineral supply chains, energy transition, information exchange on mineral processing and recycling, clean fuels like hydrogen, carbon capture and storage technologies, and manufacturing in areas such as clean energy, zero-emission vehicles, and semiconductors. Forms of cooperation include facilitating technology and investment activities, conducting joint workshops, organising missions, developing communication networks, encouraging collaboration with sub-national governments, and investment screening…
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Policy
Korea
2014
Korea Energy Master Plan: Outlook and Policies to 2035 (Second Energy Master Plan)
Launched in 2014, the Second Energy Master Plan is an overarching plan that covers all energy sectors and coordinates energy-related plans from a macro perspective. The Plan lays out six strategic targets to be addressed: Trends and prospects of domestic and overseas demand and supply of energy;Measures for stable imports, supply, and management of energy;Targets for demand and energy mix and the improvement of efficiency in the use of energy;Supply and use of energy with good sustainability performance;Measures for the safety and control of energy;Technological development in the energy industry.Regarding critical minerals, the…
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Policy
Korea
2014
Korea - Australia Free Trade Agreement
The Korea - Australia Free Trade Agreement aims to foster economic relations between the two signatory nations through the elimination of tariffs and customs duties on the trade of goods and services in accordance with the agreement.The Agreement covers, among others, the elimination of tariffs for the following goods:Electric generation equipment Mechanical equipment including pumps, appliances, and other advanced machineryElectric motors, transformers, batteries, and capacitorsMotor vehiclesMineral ore and processed products including graphite, manganese, copper, aluminum, and nickelVarious products manufactured using above minerals and metals such as sheets, powders, bars, and platesPhotovoltaic cellsThe Agreement also includes rules of origin and local…
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Policy
Korea
2015
Korea - European Union Free Trade Agreement
The Free Trade Agreement between Korea and the European Union entered into force in 2015.The Agreement notably provides for the elimination of border tariffs for the following energy sector goods:Electric generation equipment Mechanical equipment including pumps, appliances, and other advanced machineryElectric motors, transformers, batteries, and capacitorsMotor vehiclesMineral ore and processed products including graphite, manganese, copper, aluminum, and nickelVarious products manufactured using above minerals and metals such as sheets, powders, bars, and platesPhotovoltaic cellsThe Agreement also includes rules of origin. Goods may benefit from preferential tariff treatment if:wholly produced or obtained in one of the signatory countries (applicable to…
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Policy
Korea
2011
Korea - Peru Free Trade Agreement
The Korea - Peru Free Trade Agreement notably provides for the elimination of import tariffs for the following goods:Electric generation equipment Mechanical equipment including pumps, appliances, and other advanced machineryElectric motors, transformers, batteries, and capacitorsMotor vehiclesMineral ore and processed products including graphite, manganese, copper, aluminium, and nickelVarious products manufactured using above minerals and metals such as sheets, powders, bars, and platesPhotovoltaic cellsThe Agreement also includes rules of origin. Goods may benefit from preferential tariff treatment if wholly produced or obtained on the territory of one of the Parties, or having undergone a significant production process there, or meeting product-specific regional…
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Policy
Korea
2022
Korea - Cambodia Free Trade Agreement
The Korea - Cambodia Free Trade Agreement provides for the reduction or elimination of import tariffs, including for Automobile componentsAutomobile Internal Combustion EnginesHeavy Duty Commercial VehiclesSteel and other non-alloy beamsThe Agreement includes rules of origin, by which goods may benefit from preferential tariff treatment if:wholly produced or obtained in one of the signatory countries (applicable to minerals, raw materials, and waste and scrap materials) orhaving undergone manufacturing processes that warrant a change in the HS code (applicable to manufactured goods) or meeting regional value content requirements (applicable to manufactured goods)