October 15, 2012 / 4:30 AM / 5 years ago

South Korea doubles 2013 emissions reduction target

SEOUL, Oct 15 (Reuters) - South Korea has doubled a target
to reduce greenhouse gas emissions by local industrial and power
sectors in 2013 to enhance competitiveness prior to a new
cap-and-trade scheme starting in 2015, the economy ministry said
on Monday.
    Asia's fourth-largest economy aims to cut 17.2 million
tonnes of CO2 equivalent or 3 percent of next year's expected
emissions, compared with 8 million tonnes of CO2 reduction or
1.42 percent of this year's level, it said in a statement.
    Seoul expects 570.6 million tonnes of CO2 equivalent gases
to be emitted by 377 entities in its industrial and power
sectors in 2013. The country's total emissions is seen at 589.8
million tonnes of CO2 next year, it added, and the industrial
and power sectors are major emitters.
    "We expect the reduction target, which was set up based upon
this year's strict verification, to help those emitters facing
the emission certificate trading scheme in 2015 strengthen and
improve their competitiveness," the ministry statement said.  
    Korean lawmakers approved the national emissions trading
scheme in May to start January 2015, w hich will t ackle growing
greenhouse gas pollution, overcoming strong industry opposition
and joining some nations to put a price on carbon.
    Those emitters which fail to meet their reduction targets
next year will pay a maximum of 10 million Korean won ($9,000)
in 2014, a relatively small amount which makes emitters prefer
this method to cap-and-trade, and strongly oppose the switch.
    Carbon emission reduction goals in 2013 for the country's
top 10 emitters (thousands of tonnes, weighting on overall
reduction) are as follows:
  Ranking     Name             Amount/Weight 
  1           POSCO            2,480/26 pct  
  2           Hyundai Steel    487/5.1 pct 
  3           Ssangyong Cement 443/4.6 pct
  4   Tongyang Cement & Energy 284/3.0 pct
  5           S-Oil            266/2.8 pct
  6           GS Caltex        247/2.6 pct       
  7           SK Energy        241/2.5 pct
  8           LG Display       228/2.4 pct 
  9           Samsung          223/2.3 pct 
 10           Samsung          216/2.3 pct 
($1 = 1,111.2500 Korean won)

 (Reporting by Meeyoung Cho; Editing by Jacqueline Wong)
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