SOUTH KOREA APPROVES GHG TRADING SCHEME
South Korea became the latest nation to approve a climate trading scheme last Wednesday as lawmakers agreed to cap greenhouse gas emissions. The scheme places a cap on emissions from industry, generators, and even large universities, encouraging a move toward energy efficiency. The measure may lead to savings, as South Korea is the fifth largest importer of oil and the second largest importer of liquefied natural gas. Under the plan, firms can trade emissions permits or buy offsets from U.N. backed energy projects. In the face of strong industry opposition, 148 out of 151 lawmakers supported the plan, showing strong bipartisan support for a cap. An analyst said that immediate linking with the European Union's scheme was likely not possible, as the European Commission would wait until the plan was more established. In addition, investors and analysts said that the details of the plan were still vague, which made it difficult to estimate its impact on other schemes. Industry has expressed concern that Japan, an economic competitor, has yet to price emissions. A new World Bank report indicated that China will struggle to meet its greenhouse goals. For the full story, see http://in.reuters.com/article/2012/05/02/us-carbon-korea-idINBRE8410TN20120502. For the story on China's targets, see http://in.reuters.com/article/2012/05/03/us-china-environment-worldbank-idINBRE84202R20120503.