South Korea pledges to double 2013 emissions reduction target
South Korea has pledged to double its target to reduce carbon emissions from the industrial and power sectors ahead of the introduction of a cap-and-trade scheme in 2015.
This year the fourth largest economy in Asia, which includes manufacturing giants like Hyundai Steel, Ssangyong Cement, LG Display and Samsung, aims to cut its emissions by 1.4% or 8 million metric tons of CO2.
Next year, the government wants to see that reduction target doubled to 17.2 million metric tons or 3% of expected emissions. Emitters that don’t meet their targets will be subject to a fine of 10 million Korean won – which is just $9000.
But in just over two years’ time, South Korea’s 377 major emitters in the industrial and power sectors will be subject to a cap-and-trade system.