South Korea to launch emissions scheme
SEOUL, SOUTH KOREA - South Korea will launch a pilot carbon emissions trading scheme from January after the environment ministry received applications from 641 public and private organizations, the ministry said.
A ministry official said trading mainly among local municipalities will be done online next year, and from 2011 at Korea Exchange, the country's bourse.
The ministry has not yet decided its price for emissions per ton, she said.
A statement released from the ministry said the scheme will provide a base for the country's voluntary 2020 emissions reduction target. South Korea has pledged to cut emissions by 30 percent from its forecast under a "business as usual" scenario.
"The scheme is designed to meet the country's mid-term emission reduction target and connect with international carbon markets," the statement said.
South Korea, one of the world's fastest growing polluters, said in August it hopes to become Asia's trading hub for carbon emission certificates and related products under its plan for a new carbon exchange from 2011.
Related News
Trump Is Seen Replacing Obama’s Power Plant Overhaul With a Tune-Up
WASHINGTON - President Barack Obama’s signature plan to reduce carbon dioxide emissions from electrical generation took years to develop and touched every aspect of power production and use, from smokestacks to home insulation.
The Trump administration is moving to scrap that plan and has signaled that any alternative it might adopt would take a much less expansive approach, possibly just telling utilities to operate their plants more efficiently.
That’s a strategy environmentalists say is almost certain to fall short of what’s needed.
The Trump administration is making "a wholesale retreat from EPA’s legal, scientific and moral obligation to address the threats of climate…
