Legal policy directions suitable for the Post-2020 Climate Change Regime -In relation to the GCF(Green Climate Fund) Project Development

Abstract

Post-2020 Climate Change Regime is the new climate agreement to replace Kyoto Protocol. Unlike the previous agreement that put most responsibility to developed countries, developing countries are now equally responsible. Also, the importance of adaptation is as significantly discussed as carbon reduction is. Korea actively involves in this agreement, by officially claiming carbon reduction target and attending international climate agreement like COP21. Domestically, there is ‘The 2nd National Climate Change Adaptation Plan' is in progress. At this point, participation to GCF business development can be a good chance for environmental industry. This paper primarily investigates legal policies that would better adapt to the revision of 「Enforcement Decree of the Framework Act on Law Carbon, Green Growth」 and Post 2020. In addition, GCF's legal status is defined and the result of recent 10th GCF board meeting is summarized to discuss the risks of GCF businesses and participation of environmental industry to these projects. GCF project development for overseas expansion of domestic industries is needed. The Government is developing a project of generation from waste landfill gas to reduce emission of developing countries. Also contacting the NDA(National Designated Authority), explaining our project development direction, checking the interests of the involved country, and asking for support from the NDA is needed. Also, feasibility check of the economic, environmental, and legal aspect is needed. Cost-benefit analysis, internal return rate analysis and sensitivity analysis can be methods of economic feasibility check. Establishing and evaluating mid, long-term investment plans are also important. For environmental feasibility check, environmental effects evaluation will be the effective. Establishing environmental effect reduction methods can be another solution. Laws regarding licensing and facility installment and operation are also needed to be checked. Under post 2020 system, Korea should properly revise carbon trading policy, disaster preparation policy, law for disaster prevention insleep sloped regions, coast management act and regulation on facility installment and operation. However, the agreement about the Post-2020 Climate Change Regime was not concluded by the COP21. Therefore, a specific discussion about the enactment and amendment is difficult. It is a limitation of this study. Finally, this study emphasizes the importance of post 2020-based enaction of Special Act on Energy Business Development and Climate Change Adaptation Law.