Korea to Cut Greenhouse Emissions 30% by 2020

The Korean government says this week that the country has new climate and energy goals for 2020. They want to reduce greenhouse gas emissions 30%.

The plan is aimed at reducing 233 million carbon dioxide equivalent tonnes by 2020, a 30 per cent cut from the expected 2020 BAU level of 776 million tCO2e.

Target reduction rates are 18.5 per cent for industry; 26.7 per cent for energy conversion and generation; 26.9 for the building sector; 34.3 per cent for transportation; and 25 per cent for the public sector. The rates for the waste management and agriculture and fishery sectors were set at 12.3 per cent and 5.2 per cent, respectively.

The ministry expected the plan to help generate about 3,000 environment-related jobs through 2020.

Korea, the ninth-highest producer of carbon emissions, has been reviewing the previous version of the greenhouse gas reduction plan due to a hike in gas emissions in 2010. The increase was the largest in 17 years.

Along with the road map, the government will separately launch the so-called cap-and-trade scheme that allows local firms to buy or sell greenhouse emission rights on the Korea Exchange’s trading platform. Any businesses that exceed the emission cap will be fined, while those emitting less will be able to carry the difference through to the next month.

ALLCOT

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