South Korea's carbon emissions trading system, which was launched on January 12, is expected to cover more than 500 companies, including the cement industry, and is known as the second largest carbon emissions trading scheme in the world. The plan aims to reduce greenhouse gas emissions by 30% by 2020.
The total allocation of greenhouse gas (CO & # 8322;) emissions from 2015 to 2017 is 1.687 million tons. Emission-intensive industries, such as generator manufacturers or steel companies, have been granted an emission quota for the next three years. Any company that emits more carbon than its allowance will have to buy allowances from other companies.
It is reported that there were five transactions on the first day of carbon emissions trading in South Korea. An analyst at Thomson Reuters Point Carbon said initial trading was expected to be below $10, but would rise to about $30 by 2017.
China has begun a regional emissions trading scheme and plans to implement it nationwide by 2020. Other parts of Asia, such as Kazakhstan, have such a national emissions trading scheme, and Japan is also implementing it on a regional scale.
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