South Korea enacts its cap and trade market

The world’s seventh carbon emitter started earlier this month the second biggest cap and trade program. As we have seen previously, South Korea is willing to cut its emissions by 30 percent by 2020. This cap-and-trade programm will enable it to do so.

As Grist and other sources reported, this will concern over 500 of the biggest emitters of the country, among them power generators, petrochemical firms, airlines, steel producers, car makers, and electromechanical firms accounting for two thirds of ” nonvehicular ” emissions.

Climate Progress gives more details :

According to Reuters, experts estimate that the price for carbon permits in South Korea will start at less than $10 and increase to about $30 by 2017.

The system is part of the country’s goal to reduce its greenhouse gas emissions by 30 percent below current levels by 2020. The country is hoping to cut its transportation emissions by about 34 percent, its power generation emissions by about 26 percent and its public sector emissions by about 25 percent.

In addition to the cap-and-trade system, South Korea has also said it plans to create an “Eco-friendly Transportation Campaign” and campaigns calling on South Koreans to dress according to the seasons in order to save energy spent on heating and cooling.

All this is fantastic news : seeing such a nation rise to the opportunity of carbon emissions reduction in such a good way. Let’s hope the market won’t face the same problems as Europe’s one does.


Image credits : flickr.

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