Act on Promotion of Transition to Circular Economy and Society

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Laws and Policies

CCLW

CCLW national policies

Enforcement Decree of the Act 

Act Published

Presidential Decree Published

The purpose of this Act is to contribute to realising a sustainable circular economy and society by efficiently utilizing resources in the entire process of production, distribution, consumption, etc. of products, by reducing the generation of wastes to a possible minimum, and by promoting the circular use of the generated wastes. Hence, to promote the transition to a circular economy and society, the Minister of Environment shall establish mid- to long-term and phased national goals. Also, the government will promote the use of circular raw materials and the use of sustainable products.
The Presidencial decree - Enforcement Decree of the act - brought further explanation about terms presented in the act and the future formulation of master plans for circular economy in South Korea.

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An aim to achieve a quantifiable outcome within a given time-frame, set by an institution such as a national government.

Policy instruments are techniques or tools used by governing authorities to promote certain policies in order to achieve predetermined goals. Put simply, instruments are how a government tries to achieve its goals, with this taxonomy being focused on national policy instruments.

Risk is the potential for adverse consequences resulting from the dynamic interplay between (climate-related) hazards, exposure, and vulnerability of affected human or ecological systems.

Groups  of people who are adversely affected by climate change or the response to it

A set of principles, processes, and practices that build economic and political power to shift from an extractive economy to a regenerative economy.

Renewable energy means all forms of energy produced from renewable sources in a sustainable manner.

Fossil fuel is a generic term for non-renewable energy sources such as coal, fossil gas, and oil (including crude oil, and petroleum products), that can be used for electricity and heat generation. Fossil fuels are hydrocarbons formed from pressurised and heated organic material buried over millions of years.

Molecules in the atmosphere that play a key role in the greenhouse effect by trapping heat radiating from Earth’s surface.

Area of the economy in which actors engage in identical or related activities.

In human systems, the process of adjustment to actual or expected climate change and its effects, in order to moderate harm, increase resilience or exploit beneficial opportunities. In natural systems, the process of adjustment to actual climate change and its effects; human intervention may facilitate adjustment to expected climate change and its effects.

The management and allocation of funds, assets and investments to meet various objectives

This sector involves the wholesale and retail selling of goods.

A subsidy is a direct or indirect payment to individuals or businesses, typically provided as a government cash payment or a specific tax reduction.

Any compulsory, unrequited payment to the government levied on corporations or individuals. This can be for environmental reasons, such as introducing a Carbon tax to set a price that emitters must pay for the greenhouse gases they emit.

Either money or something of monetary value is transferred between two or more organisations, people or countries.

This sector includes firms and individuals offering specialised expertise in fields such as law, accounting, consulting, science and engineering.

Compulsory, required payments to the government that are levied more-or-less in proportion to the services provided. Fees and charges range from entrance fees to national parks, charges on land-based sewage discharge.

A loan is a policy instrument where funds are provided to a borrower with the expectation of repaying the principal plus interest.

Activities involving the management, development, and sale of property assets.

Financial support to help individuals manage the effects of unexpected events, securing their livelihoods and increasing the resilience of people and businesses to the changing climate. It’s especially vital in developing regions where everyday risks, climate-related weather extremes, or crop failures can push people into poverty. Without insurance, people may have to resort to selling assets or cutting consumption to cope with losses.

Activities of government agencies and institutions that provide public services, enforce laws and manage public resources.

This sector involves managing waste treatment, sanitation, pollution control and environmental cleanup.

This sector involves activities to move goods and people, alongside the storage of products.

This sector involves activities that impart knowledge and skills to individuals, including formal schooling, vocational training and educational support.

Act on Promotion of Transition to Circular Economy and Society

Policy instrument

Greenhouse gas

Economic sector

Finance