The South Korean government has recently announced that it will be requiring businesses to reduce their greenhouse gas emissions by double this year’s target next year, in preparation for carbon trading beginning in 2015.
The government’s Ministry of Knowledge Economy said that industrial and power sector businesses will have to reduce emissions by at the very least 3 percent in 2013, twice the 1.4 percent reduction target for 2012.
This significant move is designed to boost the country’s international competitiveness and to get big emitters ready for the introduction of a carbon trading platform in 2015.
“The three per cent target for next year equates to a reduction of 17.2 million metric tonnes of CO2 equivalent, across 377 large businesses and other carbon intensive corporations,” Business Green reports.
“The government expects that industrial and power entities will account for around 97 per cent of the country’s total emissions next year, which is expected to be around 589.8 million metric tonnes of CO2e.”
The most carbon intensive firms are being given very specific targets. As examples, the steelmaker POSCO is being required to reduce emissions by at least 2.48 million tons, “[Hyundai Steel is] facing a reduction target of 487,000 tonnes, and Ssangyong Cement [is] having to cut emissions by 443,000 tonnes.”
Firms that don’t meet their quotas will be fined.