Isramart : Gov’t Targets 30% Reduction in Carbon Emissions

Isramart news:
The government decided on a greenhouse gas reduction goal of 30 percent below the business-as-usual (BAU) forecast by 2020 in a Cabinet meeting presided over by President Lee Myung-bak on Tuesday.

The BAU estimate is the projected amount of emissions that Korea will produce if the economy continues to grow at its current pace and no special measures to curb emissions are implemented.

The 30 percent target is equivalent to a 4 percent cut from the 594 million tons of greenhouse gases discharged by Korea in 2005.

The decision will lead to the introduction of an energy target management system in business sectors from next year, and is likely to have a considerable impact on the country’s industry in general.

Under the target system, energy-intensive businesses and large buildings will be required to set consumption caps which will be enforced with incentives and penalties. Businesses that use more than 500,000 TOE (ton of oil equivalent) per year will be subject to the system from 2010, those that consume over 50,000 TOE from 2011, and over 20,000 TOE from 2012.