Korea government launches the design team for 2015 Emission Trading Scheme
MOE, Korea: Ministry of Environment of the Republic of Korea (MoE) announced today that it has launched a task force to design the domestic Greenhouse Gas (GHG) Emission Trading Scheme (ETS), which is set to start in 2015. Korea has passed its ETS Law in 2012, making it become one of the first countries to implement a nation-wide GHG ETS program, and only one to do so among countries without binding obligation under the UN Convention on Climate Change (UNFCCC). The task force is said to be an inter-government agency organization and will be led by the Ministry of Environment, which has been designated as the lead government body under the 2012 Law. The main tasks for the new organization are to formulate the National Allocation Plan which needs to be finalized before June 2014, designate a market for emissions trading, and create a transparent scheme that is measurable, reportable and verifiable. The task force plans to create a permanent consultation platform with diverse stakeholders, which will meet regularly to initiate dialogues on the design of the scheme. Republic of Korea is not new to regulating GHG emissions from its major industries and energy-intensive sectors. It has implemented the GHG Target Management Scheme in 2011, which currently involves 580 of highest GHG emitting companies. It is expected that most of these key emitters will be involved in the ETS. (Source: http://eng.me.go.kr/board.do?method=view&docSeq=11266&bbsCode=new_news)