4/02/2012

Korea's Carbon Credit Inititative: Korea Fastest Growing Producer of Carbon in Developed World

Bloomberg posted an article today on the possibility of Korea passing a carbon trading bill.
The Bloomberg articles notes that:
We believe the bill will be passed” as long as lawmakers schedule a vote after the elections, Young Soo Gil, chairman of the Presidential Committee on Green Growth, told reporters today in Seoul.

Lawmakers unexpectedly delayed voting on the bill on Feb. 27, even after Asia’s fourth-largest economy agreed to push back the program’s start by two years to 2015 as the largest companies said it will hurt competitiveness. The government is working to reschedule the vote, with a target of April or May, Nam Kwang Hee, director general of the Presidential Committee on Green Growth, said March 19.
A multiparty panel of the assembly agreed last month on the need to create a market to help reduce carbon-dioxide discharges. The bill has to go to the nation’s Legislation and Judiciary Committee and then to the assembly’s plenary session, the last step for the law.
If the session isn’t held by the end of May, pending bills will expire when the new national assembly is formed in June, Young told reporters.
“As ruling and opposition parties agreed on the need of the legislation, the bill is likely to be passed at the assembly’s plenary session without big changes,” Young said.

The complete article may be found at:  S. Korea Sees Carbon Legislation Possible After April Elections.

Will a carbon credit/trading law open up new opportunities for businesses in Korea?  
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SeanHayes@ipglegal.com