South Korea is set to begin trial operations of its cap-and-trade system by 2013, according to a climate official. The country, who patterned their cap-and-trade system from the European Union’s emissions trading model, will start trading by 2015. Nam Kwang Hee, director general of the Presidential Committee on Green Growth, said that the first phase of their trading will focus domestically then will consider linking to Europe and other countries in 2018.
South Korea, one of the world’s most rapidly growing carbon emitters, has committed to reduce its greenhouse gas emissions by 30 per cent in 2020.
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