Carbon capture industry promotion bill to take effect this week: ministry

A bill on promoting the carbon capture, utilization and storage (CCUS) industry will take effect this week, the government said Thursday, amid growing demand for eco-friendly technologies to tackle climate change.

The bill on supporting the development of CCUS technologies and fostering the industry will take effect Friday, according to the Ministry of Trade, Industry and Energy.

The ministry said the bill stipulates the process for CCUS, such as designating a location candidate for ocean carbon sinks and operating such facilities, as well as support measures for businesses in the industry.

"With the implementation of the CCUS bill, the government has laid the administrative and financial grounds for fostering CCUS technology and industry development, as well as carrying out the country's nationally determined contribution for 2030," a ministry official said.

Korea has pledged to reduce its greenhouse gas emissions by 40 percent from the 2018 levels by 2030 and reach carbon neutrality by 2050. (Yonhap)