The National Assembly passed the “Basic Act on Low Carbon Green Growth” last December. According to the Article 46(1) of the Act, Korean government is able to operate the emission trading scheme (ETS) in order to reduce GHGs. However, despite this...
The National Assembly passed the “Basic Act on Low Carbon Green Growth” last December. According to the Article 46(1) of the Act, Korean government is able to operate the emission trading scheme (ETS) in order to reduce GHGs. However, despite this legal ground to support Korea`s own ETS (K-ETS), the market infrastructure is not prepared adequately for emissions trading in Korea. Therefore, it is necessary for Korea to strategically learn and adopt other countries` example to establish the emissions trading market. It also needs to consider many legal and economic factors such as legal nature of the emission permits in terms of designing K-ETS in a successful way.