1. Reason for Enactment

The Act on the Capture, Transportation, Storage, and Utilization of Carbon Dioxide has been enacted (Law No. 20203; February 6, 2024) to prevent the severe impacts of the climate crisis and contribute to the sustainable development of the national economy by establishing the matters required for the development of technologies and industrialization necessary to efficiently capture carbon dioxide emitted from industrial activities, etc., store it underground, or utilize it for industries/life. The proposed enactment aims to determine the matters delegated by the Act and its Enforcement Decree and the matters necessary for their implementation.

2. Main Contents

A. The matters to be included in the safety management regulations (Article 4 of the draft)

The enactment stipulates that the safety management regulations that the installers and operators of pipelines must obtain approval should include the matters pertaining to the work, organizations, and responsibilities of safety managers, the matters related to the operational management of transportation business, and the matters related to the education and training of the workers.

B. Appointment reporting of safety managers (Article 5 of the draft)

Installers and operators of pipelines must report to the Minister of Trade, Industry, and Energy within 15 days of the appointment of a safety manager, and, in the case of dismissal or retirement, a new safety manager must be appointed within 30 days from the date of dismissal or retirement. 

C. Content of exploration results (Article 9 of the draft)

The legislation stipulates that the results of exploration to be submitted by explorers should include the positions and areas of exploration zones, the number and positions of bore holes, the positions of obtained storage candidates and explored reserves, and geological data on exploration and drilling, etc.

D. Report on succession of the status of a deceased reserve operator (Article 13 of the draft)

The legislation stipulates that the report on the succession of the status of a deceased reserve operator should be submitted to the Minister of Trade, Industry and Energy within 30 days in accordance with the regulations on the reporting of business succession under Article 29 of the Enforcement Decree.