South Korea delays its decision carbon emission trading system

South Korea delays its decision on carbon emission trading system

9:13 PM, 29th February 2012
South Korea delays its decision on carbon emission trading system

SEOUL, SOUTH KOREA: South Korea’s parliament has delayed vote on an emission trading scheme scheduled, because of political wrangling between the government and opposition ahead of parliamentary polls in April. If approved, the scheme to cap South Korea’s growing emissions of carbon dioxide from early 2015 would become the third in the Asia-Pacific to put a national price on carbon after Australia and New Zealand.

The programme opens the possibility of international linkages with other schemes as part of a global effort to curb the growth of carbon pollution that scientists blame for heating up the planet and triggering more chaotic weather. The bill has been delayed for months because of strong industry opposition and other political disputes. According to the government, the scheme is crucial to reining in emissions from Asia’s fourth-largest economy, which have doubled since 1990 and are now about 600 million tonne a year, slightly larger than Australia’s.

South Korea’s major emitters include major employers such as POSCO, the worlds No3 steelmaker, and Samsung Electronics. Under the latest version of the bill, 95 per cent or more of permits, each representing a tonne of carbon emissions, would be awarded free in the scheme’s two first phases, spanning 2015-2017 and 2018-2020. But the bill does not contain details as where the permits would be traded, how they would be priced and which firms have to comply.

© Reuters News

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