South Korea is to become the latest nation to implement a cap and trade system for its greenhouse gas emissions.
As the world’s eighth largest carbon emitter and among the fastest growing, South Korea has pledged to reduce its emissions by 30% against projected levels by 2020.
Details of the scheme, which will start in January 2015, have not yet been released but it is expected to focus on the industrial operations that make up around 60% of the country’s emissions.
South Korea’s cap and trade scheme will start in the same year as Australia and China, opening up the possibility of linking up emissions trading. In the region, New Zealand already has a cap and trade scheme, which has been in operation since 2009.
Elsewhere there is, of course, the EU’s well established but currently somewhat troubled scheme, and the cap and trade programme run by northeastern starts in the US, which will be joined by California next year.
Mexico takes steps to legally binding carbon standards (27-Apr)
World energy ministers agree measures to boost clean energy and efficiency (27-Apr)
European Parliament votes to prop up Emissions Trading System (29-Feb)
South Korea unveils $84 billion green action plan (8-Jul 2009)
03 May 2012