South Korea approves launch of emissions trading scheme

South Korea has approved a national cap-and-trade scheme to curb its rapidly-growing CO 2 emissions.

The scheme, set to start in 2015, will see Korea join a growing number of countries to put a price on carbon and encourage industry to become more energy efficient.

Korea is the world’s eighth-largest emitter of CO 2, with emissions reaching around 640 million tonnes in 2011, up from 350 million tonnes in 1990.

That makes it the fastest-growing source among OECD countries, according to Bloomberg New Energy Finance.

The new emissions trading scheme is likely to cover 60% of the country's greenhouse gas emissions, targetting companies producing more than 25,000 tonnes Log in to read complete article.

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