Isra-Mart srl: Emissions trading progress on the Pacific Rim

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Isra-Mart news:

Despite the significant prevailing obstacles to emissions trading initiatives around the world aimed at cutting greenhouse-gas emissions and fighting climate change, this week has seen some modest forward progress in California, South Korea, New Zeeland and Australia.

The South Korean government’s push to implement cap and trade in 2015 appears to have passed a major hurdle – achieving bipartisan political support. Both the government and main opposition parties have agreed in principle to a draft emissions trading bill in the face of stiff industry objections. Thomson Reuters reports Seoul plans to have the bill finalised and passed during the third quarter of 2011, following the completion of a parliamentary review. The allocation of free allowances has already been increased and penalties eased to appease industry.

Read the full story from Carbon Positive