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South Korea introduces cap-and-trade system

South Korea introduces cap-and-trade system Seoul, South Korea (Source: Flickr, CC, Photo by: Emmanuel DYAN)
Francisco Rojas 13 Jan 2015

In launching its new cap-and-trade system this week, South Korea is creating the world’s largest carbon trading market.

Putting a price on carbon emissions, effectively supports renewable energy technologies by creating a level and competitive play field for electricity generation.

According to local news, “The cap-and-trade system, which was approved by the country’s National Assembly in 2012, will cap the emissions of 525 of the biggest companies in the country. Overall, South Korea has capped its 2015 to 2017 country-wide emissions at 1.687 million metric tons of carbon dioxide equivalent.”

Renewable energy can compete with traditional energy sources and at the same time fight climate change. This is already visible, as reported yesterday by ThinkGeoEnergy, Landocean Energy Services Co. Ltd. has signed an EPC contract for the Pohang EGS power project in South Korea,

The same source details that  this cap-and-trade system “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.”

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Source: Climate Progress