South Korea is on course to meet its target to cut greenhouse gas emissions by 30% on projected levels by 2020, according to new data from the country’s Ministry of Environment.
The Ministry outlines plans to reduce 233 million tonnes of carbon dioxide equivalent by 2020 – compared to the expected 2020 levels of 776 million tonnes of CO2e.
The target reduction includes plans to cut transportation emission by 34.3% and emissions in the building sector by 26.9%.
The Ministry of Environment also says it hopes to cut emissions 26.7% from power generation, 25% in the public sector, 18.5% in industry, 12.3% from waste and 5.2% in agriculture and fisheries.
“The new roadmap maintains the same Business As Usual and reduction target declared by the government on July 12, 2011 and reduction strategies and measures by 7 sectors such as industry, building and transportation,” the Ministry says.
In a statement it adds that South Korea’s proposed carbon trading scheme will allow the country to “minimise emissions reduction cost and alleviate the industry’s burden” when following this strategy.
The Emissions Trading Scheme (ETS) is set to come into force in 2015, and is a major plank in the government’s ‘Green Growth’ strategy of accelerating development while reducing its carbon footprint.
When it comes into force next year it is expected to initially cover more than 500 businesses classed as high emitters.
Participating companies are likely to get all of their initial emission permit allocations for free in the first two years. From 2021 10% will be auctioned.
Read more: RTCC >>