Emissions Trading Scheme in South Korea information
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South Korea's Emissions Trading Scheme (KETS) is the second largest in scale after the European Union Emission Trading Scheme and was launched on January 1, 2015. South Korea is the second country in Asia to initiate a nationwide carbon market after Kazakhstan.[1][2] Complying to the country's pledge made at the Copenhagen Accord of 2009, the South Korean government aims to reduce its greenhouse gas (GHG) emissions by 30% below its business as usual scenario by 2020.[3] They have officially employed the cap-and-trade system and the operation applies to over 525 companies which are accountable for approximately 68% of the nation's GHG output. The operation is divided up into three periods. The first and second phases consist of three years each, 2015 to 2017 and 2018 to 2020. The final phase will spread out over the next five years from 2021 to 2025.[4]
The cap-and-trade system is a tool of carbon pricing that has been adapted by several countries to mitigate greenhouse gas (GHG) emissions through a market mechanism. It entails a market open to the transaction of trade permits, which allow participating businesses or countries to emit a given amount of greenhouse gases. A cap is set by the government which defines the maximum level of total emissions permitted during a certain time period.[3] The South Korean government had set the emissions cap for the first year of implementation (2015) as 573 MtCO2e.
The major objectives of the KETS is to place South Korea at the forefront of the global effort in reducing GHG emissions and to develop its market competitiveness in the clean energy sector. As one of the top 10 largest contributors to global greenhouse gas emissions and a nation with the highest growth rate in GHG emissions, South Korea's awareness of its carbon footprint has increased over the years. The country grows more vulnerable to climate change as the average temperature has risen by 1.5 degrees Celsius causing frequent natural disasters. Furthermore, the South Korean government aims to cut back its reliance on imported fossil fuel energy which accounts for roughly 97% of its primary energy consumption. Lastly, by implementing the emissions trading scheme, the government has prospects of developing its green industries and increase its global share of the clean energy market.[5]
^EDF; SFOC; CRIK; IETA (September 2016). "Republic of Korea: An Emissions Trading Case Study" (PDF). IETA. Archived from the original (PDF) on 15 January 2017. Retrieved 11 November 2016.
^Partnership for Market Readiness; International Carbon Action Partnership (2016). Emissions Trading in Practice. Washington, DC: World Bank. doi:10.1596/23874.
^ abKwon, Kyae Lim (16 April 2015). "South Korea's Emission Trading System: Challenges, Prospects and Lessons for Canada". Asia Pacific Foundation of Canada. Retrieved 9 October 2016.
^"Korea Emissions Trading Scheme". International Carbon Action Partnership. 26 September 2016. Retrieved 8 October 2016.
^Oh, Hyungna (11 November 2016). "Korea's Emission Trading System: An Attempt of Non-Annex I Party Countries to Reduce GHG Emissions Voluntarily" (PDF). Partnership for Market Readiness. Retrieved 11 November 2016.
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