Isra-Mart srl:Carbon emissions trading bill to be submitted to parliament next month

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Isra-Mart srl news:

The government plans to submit a bill on a carbon emissions trading system to the National Assembly next month, a highlight of South Korea's efforts to fight global warming, a presidential panel said Thursday.

In its report to President Lee Myung-bak, the Presidential Committee on Green Growth, however, strongly hinted at flexibility on the content of the bill.

"(The government) plans to push for the introduction of the cap-and-trade system, adequately taking the opinions of the industrial circles into consideration," it said.

The committee said the envisioned system is aimed at maximizing South Korea's voluntary efforts to cut greenhouse gas emissions and transforming its economy into a "low-carbon structure."

South Korea earlier announced a plan to implement the new system in stages starting in January 2013 for its long-term goal of cutting emissions by 30 percent by 2020 under a "business as usual" scenario. The target amounts to a 4 percent reduction from the 2005 level.

Local businesses have expressed worries over hikes in production costs.

The presidential body said the bill on the carbon emissions trading system will be written with flexibility on the timing of its introduction and the quota for free emissions in accordance with the characteristics of different industries.

The committee also said the government will step up efforts to expand civilian finances on green growth.

The government plans to seek more tax benefits for green growth-related financial products and encourage the listing of relevant firms at KOSDAQ, a South Korean stock trading board mainly for small and medium-sized enterprises, according to the panel.