Korean Emission Trading Scheme Bill Passed
Long awaited Korean Emission Trading Scheme Bill has been passed in the Korean Parliament on 2 May 2012. The bill sets out the starting date of the scheme which is 1 January 2015.
The scheme covers more than 500 companies with GHG emissions over 125,000 tonne per year which covers most of the nation's heavy industry sector such as Power, Steel, Cement, Petrochemical, Electronics and CIPs manufacturing.
The bill sets out most of the important aspect of cap and trading scheme although details of the scheme such as allocation of free permits or offsetting methodology will be decided by the subordinate regulation in 6 months time. The bill allows international linkage with other trading scheme such as EU ETS or Australian scheme.