SEOUL, Dec. 28 (Xinhua) -- South Korea announced Monday it will launch a pilot greenhouse gas emissions trading scheme as early as late next year in a bid to encourage carbon emissions reduction.
The Ministry of Environment said in a statement the Korea Exchange (KRX), the country's bourse, will serve as a platform for carbon emissions trading, also known as cap and trade, starting as early as late next year.
Under the program, participating organizations will be issued emission permits, a right to emit a certain amount that should not exceed the limit set by the government, and can trade remaining allowances or buy them from those who emit less.
A total of 641 organizations will be participating in the three-year pilot scheme, including the country's 14 local governments, 446 public organizations, 29 workplaces and 166 retailers, with the goal of cutting 1 percent to 2 percent of carbon emissions compared to the annual average from 2005 to 2007, according to the ministry.
Preparations for derivatives transactions on the main bourse are currently underway, it said.
S Korea to voluntarily register 20% emissions cut by end of January
SEOUL, Dec. 24 (Xinhua) -- South Korea said Thursday it plans to register its goal of voluntarily reducing greenhouse gas emissions by 20 percent from the projected emission level in 2020 compared to 2005 by the end of January.
The announcement by the Ministry of Knowledge Economy in a meeting with financial and research institutions came after the United Nations climate talks held in Copenhagen, Denmark last week, where the country showed its commitment to voluntary emission cuts.Full story
Special report: Global Climate Change