South Korea raises its 2013 emission target

South Korea’s Economy Ministry said on Monday that the country doubled the emission reduction target of local industrial and power sectors for 2013. According to Point Carbon, the two sectors are required 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. The move aims at helping the 377 industrial and power entities to enhance competitiveness prior to the new cap-and-trade scheme will be launched in January 2015, the Ministry statement specified. Emitters that will fail to meet their targets in 2013 will pay a maximum of 10 million Korean won (€6,900) in 2014.

(Image: Seoul, retrieved from Pixabay.com)