SOUTH KOREA’S AMBITIOUS CARBON SCHEME KICKING OFF, WHILE CHINA PREPARES FOR NATIONAL TRADING
May 22nd, 2015
Manufacturing powerhouse South Korea began its cap-and-trade system on January 1, 2015 as a part of an overarching goal to reduce greenhouse gas emissions by 4% reduction below 2005 emissions levels. If achieved, that would leave emissions at 30% lower in 2020 than they would be if current increases are maintained. This would mean that 244 million tonnes of CO2 emissions are released in South Korea in 2020 compared to 659 million tonnes in 2014. Currently included in the scheme are 525 companies in 23 industrial groups, such as power generation, steel, oil, ...
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