South Korea approves carbon trading scheme
Of the 151 lawmakers who voted, 148 approved the scheme, underscoring bipartisan support for a cap on carbon emissions, in stark contrast with the United States and Australia where emissions trading has been deeply divisive. The scheme has not generated the same bitter public debate as in Australia and the United States, with the public more concerned with neighbouring North Korea. The program, due to start Jan 2015 opens the possibility of linkage to other schemes. To meet the mandatory cap, firms can trade emissions permits or buy carbon offsets from U.N.-backed clean energy projects in poorer nations. Final details of South Korea's program are still to be worked out, but the latest draft said it was likely to cover 60 percent of the country's greenhouse gas emissions. It focuses on industrial operations producing more than 25,000 tons of carbon dioxide (CO2) a year. Carbon analysts and investors said the details of the scheme were still quite vague, which made it difficult to predict its impact on the U.N. scheme. Links with the European Union's emissions trading scheme - the world's largest - might not be possible until around 2018 at the earliest, said Barclays Capital analyst Trevor Sikorski. Source: Reuters | ||
Copyright 2004-2026 © Innovatek Ltd. All rights reserved. |
