The Korean Ministry of Environment recently announced that it plans to implement an emissions trading system in 2013 to reduce greenhouse gas emissions and cope with global climate change.
The Korea Green Growth Presidential Council has promulgated the Emissions Trading Scheme Act that voluntarily reduces emissions by 4% compared to 2005. According to the total control and trading system, the Korean government has set targets for enterprises to reduce emissions. Companies that have successfully cut their emissions quotas can sell their remaining quotas, and companies that exceed their emissions quotas will have to purchase additional carbon dioxide emissions.
According to Korea’s green growth laws, there are 470 companies that must follow this goal. These companies must submit a report on the implementation of the GHG Emissions and Energy Act 2007-2010 to the government in March 2011.
South Korea is Asia’s fourth-largest economy. It emitted 594 million tons of carbon dioxide in 2005 and ranked ninth among the member countries of the Organization for Economic Co-operation and Development (OECD).
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