Private educational institutions, along with the Bank of Korea, the Korea Chamber of Commerce and Industry, and broadcasters like KBS, will be mandated to purchase ‘green products’ unless there are compelling reasons not to do so. (Image courtesy of Yonhap)
SEOUL, Feb. 14 (Korea Bizwire) – From next year, private educational institutions, along with the Bank of Korea, the Korea Chamber of Commerce and Industry, and broadcasters like KBS, will be mandated to purchase ‘green products’ unless there are compelling reasons not to do so.
The Ministry of Environment announced that the amendment to the Enforcement Decree of the Act on the Promotion of Purchase of Green Products was approved at a Cabinet meeting on February 13 and will be implemented on January 1, 2025.
Green products are defined as those that minimize the input of energy and resources as well as the output of greenhouse gases and pollutants.
These include products that have been awarded an environmental label for their superior environmental performance, low-carbon products that disclose carbon emission information and have a carbon footprint below a certain standard, and products recognized for their excellent recyclability.
The recent amendment extends the obligation to purchase green products to entities such as private schools, the Bank of Korea, the Korea Chamber of Commerce and Industry, the Central Association of Small and Medium Business, the National Agricultural Cooperative Federation, the National Forestry Cooperative Federation, the National Federation of Fisheries Cooperatives, KBS, and EBS, which are corporations established under special laws.
With this amendment, the number of institutions required to purchase green products will increase by about 5,000 from the current 40,000, according to the Ministry of Environment.
Institutions obligated to purchase green products must prioritize these when making purchases. Exceptions are allowed only in cases where green products are unavailable, stable supply is not guaranteed, significant quality degradation is a concern, or other laws mandate priority purchasing of different products.
M. H. Lee (mhlee@koreabizwire.com)
