South Korea doubles 2013 emissions reduction target

Reuters    Translate This Article
15 October 2012

SEOUL, Oct 15 (Reuters) - South Korea has doubled a target to reduce greenhouse gas emissions by local industrial and power sectors in 2013 to enhance competitiveness prior to a new cap-and-trade scheme starting in 2015, the economy ministry said on Monday.

Asia's fourth-largest economy aims to cut 17.2 million tonnes of CO2 equivalent or 3 percent of next year's expected emissions, compared with 8 million tonnes of CO2 reduction or 1.42 percent of this year's level, it said in a statement.

Seoul expects 570.6 million tonnes of CO2 equivalent gases to be emitted by 377 entities in its industrial and power sectors in 2013. The country's total emissions is seen at 589.8 million tonnes of CO2 next year, it added, and the industrial and power sectors are major emitters.

'We expect the reduction target, which was set up based upon this year's strict verification, to help those emitters facing the emission certificate trading scheme in 2015 strengthen and improve their competitiveness,' the ministry statement said.

Korean lawmakers approved the national emissions trading scheme in May to start January 2015, which will tackle growing greenhouse gas pollution, overcoming strong industry opposition and joining some nations to put a price on carbon.

Those emitters which fail to meet their reduction targets next year will pay a maximum of 10 million Korean won ($9,000) in 2014, a relatively small amount which makes emitters prefer this method to cap-and-trade, and strongly oppose the switch.

© Copyright 2012 Reuters

Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. 'Reuters' and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies. For additional information on other Reuters media services please visit reuters.com/newsagency.

Every day Global Good News documents the rise of a better quality of life dawning in the world from good news reported by the press; and highlights the need for introducing Natural Law based-Total Knowledge based-programmes to bring the support of Nature to every individual, raise the quality of life of every society, and create a lasting state of world peace.



Translation software is not perfect; however if you would like to try it, you can translate this page using:

(Google) Select a language English to Afrikaans English to Albanian English to Arabic English to Belarusian English to Bulgarian English to Catalan English to Chinese (Simplified) English to Chinese (Traditional) English to Croatian English to Czech English to Danish English to Dutch English to Estonian English to Filipino English to Finnish English to French English to Galician English to German English to Greek English to Hebrew English to Hindi English to Hungarian English to Icelandic English to Indonesian English to Irish English to Italian English to Japanese English to Korean English to Latvian English to Lithuanian English to Macedonian English to Malay English to Maltese English to Norwegian English to Persian English to Polish English to Portuguese English to Romanian English to Russian English to Serbian English to Slovak English to Slovenian English to Spanish English to Swahili English to Swedish English to Thai English to Turkish English to Ukrainian English to Vietnamese English to Welsh English to Yiddish

(Altavista babelfish) Select a languageEnglish to Chinese-simpEnglish to Chinese-tradEnglish to DutchEnglish to PortugueseEnglish to FrenchEnglish to GermanEnglish to GreekEnglish to ItalianEnglish to JapaneseEnglish to KoreanEnglish to RussianEnglish to Spanish

Send Good News to Global Good News.

Your comments.