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Newsflash

China to have world's 2nd largest carbon trading scheme by 2014

24th January, 2013

China will have the world's second largest carbon trading scheme by 2014, or twice as big as Australia's regime, a latest report showed Thursday.

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Carbon price of $29 'not implausible', says Blair Comley

20th January, 2013

THE head of the federal climate change department says it is "not implausible" the European carbon price could rise to $29 a tonne by mid-2015, when Australia's emissions trading scheme begins.

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Carbon trading links between S. Korea, EU possible in decade: British minister

SEOUL, May 16 (Yonhap) -- A deputy minister in Britain's Foreign Office said Wednesday he expects carbon trading markets between South Korea and the European Union to be linked within the next decade, hailing Seoul's recent approval of an emissions trading scheme.

Joining global efforts to curb the pace of climate change, South Korea's National Assembly passed a long-delayed bill early this month to begin buying and selling domestic credits on carbon dioxide emissions from 2015.

Unless the national trading system is linked with foreign carbon markets, it will seriously hurt the integrity of the local market because big companies can only trade the credits only domestically. That would increase their manufacturing costs, analysts and officials say.

"I think it's possible," Jeremy Browne, British minister of state at the Foreign Office, told Yonhap News Agency in Seoul when asked whether South Korea's carbon trading market could be linked with the EU's within the next decade.

"There is a set pressure of time," Browne said, noting the world population grew by one billion in the past 12 years.

The EU launched the world's largest cap-and-trade system in 2005 and Britain is playing a leading role in promoting emissions trading as a key tool to mitigate climate change.

South Korea, Asia's fourth-largest economy, is one of the leading producers of greenhouse gases.

Details of the Korean carbon trading market have not yet been fixed, but it is expected to cover about 60 percent of the nation's carbon dioxide emissions, officials said.

Browne praised the approval of the carbon trading scheme in South Korea as a "good example" for the world.

"I think it's great in terms of Korea's responsible attitude toward the rest of the world. It also shows Korea is a very forward-thinking country," he said.

South Korea could help other countries gain the expertise necessary to cut emissions and could export energy-efficient equipment, Browne said.

"In doing so, Korea will demonstrate to other countries that growth can be green," Browne said.

 

Source: Yonhap News Agency