By RTCC staff
South Korean legislators have approved plans for an emissions trading scheme, paving the way for a bill to be passed next week.
If passed on February 16, South Korea would join Australia and New Zealand in putting a price on its carbon emissions.
The plans would see South Korea adopt a trading scheme similar to that in the EU, which currently has the world’s largest programme.
It could also open the possibility for a global carbon trading programme to be introduced in the future – with California expected to join the club in 2013.
South Korea is Asia’s fourth largest economy, and the world’s ninth-largest emitter.
The plans have been fiercely opposed by heavy industry in South Korea, who say it will drive prices up and damage competitiveness.
But they appear to be popular among the electorate – 96.7% respondents in a recent poll said green growth was vital for the country’s future.
The Korean government has committed to investing 2% of GDP into green growth – while cities such as Gumi (see video below) are aiming to be ‘Carbon Zero’.
RTCC Q&A: Emissions Trading
RELATED VIDEO: Nam Yoo-Chin, Mayor of the South Korean city of Gumi, explains why he is determined his city becomes a world-leader in the development of low-carbon technology.