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.
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According to Reuters, experts estimate that the price for carbon permits in South Korea will start at less than $10 and increase to about $30 by 2017.
The system is 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. In addition to the cap-and-trade system, South Korea has also said it plans to create an “Eco-friendly Transportation Campaign” and campaigns calling on South Koreans to dress according to the seasons in order to save energy spent on heating and cooling. Some cities in South Korea have also taken steps to curb their contribution to climate change: in October 2013, residents of the city of Suwon ditched their cars for 30 days, opting for more climate-friendly transportation options such as walking or biking.
South Korea’s carbon market is second in size to the European Union’s, which covers 28 E.U. countries as well as Iceland, Liechtenstein and Norway. Japan also has a cap-and-trade system in Tokyo, and Kazakhstan and Croatia created trading schemes in 2013. Other countries and regions have also implemented trading programs: in the U.S. the Regional Greenhouse Gas Initiative (RGGI) has created a carbon trading system among nine Northeast states, and California also has its own cap-and-trade system.
In June, a study found that, for the U.S., implementing a country-wide cap-and-trade program could be cheaper than imposing regulations on vehicles and power plants.
Read more at South Korea Launches World’s Second-Largest Carbon Trading Market
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