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Posted:February 14, 2013Comments:Views:4
South korean parliament approves carbon trading system - LED Emitters Manufacturer
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South Korea approved a cap-and-trade system to cut carbon emissions as President Lee Myung Bak seekssupport from factories and power plants in the fastest-growingproducer of greenhouse gases among industrialized democracies. The National Assembly passed a bill to establish a cap-and- tradesystem in the [link widoczny dla zalogowanych] country by 2015 with the backing of both ruling andopposition parties, according to the assembly s webcast of themain session today. The bill is needed to cope with global climate change and,domestically to reduce emissions of greenhouse gas efficiently, Kim Jae Kyung, a member of the ruling New Frontier Party, said inthe assembly s plenary session before voting. The bill was passedin [link widoczny dla zalogowanych] a 148-0 vote, with 3 abstentions.
President Lee Myung Bak is struggling to sell the plan at homeafter pledging in December 2009 at the United Nations climatesummit in Copenhagen to cut carbon emissions by 30 percent fromforecast levels by 2020. The country s largest companies said theplan will hurt competitiveness. Korea s decision follows an agreement at climate talks in Decemberamong about 200 countries including the US and China to waituntil 2015 to sign a global accord on emission reductions thatwould take effect as late as 2020. Korea becomes an early adopter [link widoczny dla zalogowanych] in Asia of a cap-and- tradeprogram, Kang Hee Chan, a senior researcher at the KoreaEnvironment Institute, said by phone. Korea joins Australia andChina, which plan to introduce the program in 2015.
Fastest-growing South Korea is the world s eighth-largest carbon emitter, based on2009 figures from the International Energy Agency. Thecountry s greenhouse-gas emissions jumped to about 640 millionmetric tons in 2011 from 350 million tons in 1990, making it thefastest-growing emissions source among 34 nations in theOrganization for Economic Cooperation and Development, [link widoczny dla zalogowanych] BloombergNew Energy Finance said in a February 9 report. Australia voted last year to start a cap-and-trade system in2015. New Zealand started emissions trading in 2009, and theEuropean Union has operated the world s biggest emissions marketsince 2005.
South Korea imposed reduction goals in October 2011 on 458polluters starting this year. They range from factories, buildingsand livestock farms that produce at least 25,000 tons of carbondioxide a year. Unsettled business The Federation of Korean Industries and the Korea Chamber ofCommerce & Industry, the nation s top two business lobbies,asked the government to delay introducing the plan, saying it willincrease costs and make industry less competitive against countriesthat don t impose charges on [link widoczny dla zalogowanych] emissions. Companies may face an additional 5.6 trillion won ($5 billion) ofcosts if [link widoczny dla zalogowanych] a carbon market is implemented, according to data fromstate-owned Korea Energy Management, which handles emissionsreductions and promoting renewable energy. It might be challenging for Korea to cut carbon emissions asrequested by the government, Kang said.
Its major industries,by nature, are emitting lots of the gas. Korea largely depends onheavy industries such as steelmaking and petrochemicals, he said. The government is already providing tax and financial incentives toencourage companies to cut their discharges, including asupplementary payment, or feed-in tariff, for renewable energygenerated from 2002 until 2011. Free permits These tariffs were replaced with a 2 percent renewable portfoliostandard, starting this year.
The country s 14 power generatorsand other energy producers are required to derive a fixed quota oftheir energy output from renewable sources, including [link widoczny dla zalogowanych] solar andwind. [link widoczny dla zalogowanych] The mandatory cap will be raised to 10 percent by 2022. The Korean government may give companies more than 95 percent oftheir permits for free for three to six years, [link widoczny dla zalogowanych] according to thebill. Companies would get 100 percent of their permits for freedepending on their contribution to the country s trade, accordingto an e-mailed statement from the Knowledge Economy Ministry today.The government has yet to announce any rules governing compliance,such as how many so- called international offsets would be allowedin the program.
It needs a lot of studies about the bill s impact on citizens living when mapping out details, Yim Jong Yong, ministerof the Prime Minister s Office, told lawmakers in Seoul today. The government will try to determine details linking toimpacts. 742 [link widoczny dla zalogowanych] million tons South Korea would [link widoczny dla zalogowanych] emit 742 million tons in 2020 without a programto cut emissions, Andrea Du Rietz, a London-based analyst at NewEnergy Finance, said in the note on February 9. The penalty for non-compliance is set at three times the prevailingmarket price with a maximum of 100,000 won ($89.17) per ton.
Thegovernment raised the free allocation from original 90 percent, andlowered the upper limit on penalties five times duringconsultations with industries. The bill will take effect within sixmonths, according to the statement from the ministry. The approved South Korean ETS could provide price support forCERs in the long [link widoczny dla zalogowanych] run and contribute to the longevity of the globalcarbon market, Du Rietz said in an e-mail today. Any links withthe UN offset market are highly uncertain, but we currently assumethat approximately 20 percent of abatement needed out to 2020 couldbe met by about 130 million CERs over the six years.
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