DR & AJU Legislation & Government Relations Consulting Center’s latest issue of its specialized legislative journal, the Policy & Business Report, is now available in digital format.
Framework Act on Carbon Neutrality and Green Growth for Coping with Climate Crisis is resolved at the Legislation and Judiciary Committee—Businesses must develop a response strategy for the upcoming carbon neutrality flow.
On August 28, 2021, the Legislative Strategy Center (represented by Head of the Center Dong Eon CHA) of DR & AJU LLC (represented by Managing Partner Kyu Chul LEE) released the August 2021 issue of the specialized legislative journal, the Policy & Business (P&B) Report.
Mr. Dong Eon CHA, head of the Legislative Strategy Center, stated, “On August 25, the Framework Act on Carbon Neutrality and Green Growth for Coping with Climate Crisis, which stipulates the carbon emission reduction goal of 2030 NDC to “not be less than 35% from the 2018 emission level”, crossed the threshold of the Legislation and Judiciary Committee. The South Korean government’s NDC target, according to the environment ministry, is a “24.4% reduction compared to the 2017 emission level, which is 668 MtCO2eq.” The Framework Act on Carbon Neutrality increased the reduction objective by 67%, stating that it should be “not less than a 35 % reduction compared to 2018 emission level.” This accelerates the movement demanding the businesses transition to decarbonization and ESG management.” Mr. Cha further mentioned, “Each business needs to change its systems dramatically.”
South Korea is also actively participating in the global trend of carbon neutrality. The government announced a plan outlining how the nation will become carbon neutral by 2050, and five Democratic presidential candidates actively demonstrated their commitment to achieving carbon neutrality in the “Carbon Neutrality Pledge Conference.”
Mr. Seung Cheol LEE, a Senior Advisor at DR & AJU, stated, “Departing from ESG 1.0, we are now moving into ESG 2.0. As ESG management is not a merely passing trend and has the capacity to continuously impact the industrial and financial sector, it is important for companies to sincerely adopt ESG management practices.”
As the first-ever Korean law firm to issue specialized legislative journals, DR & AJU LLC has been publishing the monthly Policy & Business Report since August 2019. Based on a comprehensive evaluation of the legislation proposed to the National Assembly Subcommittee, Standing Committee, and Plenary Session from July 15, 2021 to August 14, 2021, the August 2021 issue of the P&B Report selects and analyzes legislation that significantly impacts corporate activities. Especially for major Acts, key quotes from legislators, members of the Standing Committee, and government officials are included.
Mr. Kyu Chul LEE, the Managing Partner of DR & AJU, said, “DR & AJU established the ESG Advisory Group to provide corporate clients advice on ESG regulations and risk management, including the Serious Accident Punishment Act.” Mr. Lee stressed, “As ESG, including industrial safety, has evolved into a matter of survival for corporates, DR & AJU has fully prepared the necessary resources and staff to offer corporations effective and comprehensive ESG consultation.
*Please download the PDF file for further information. (Korean)
