Busan City Catches Two Birds with One Stone by Reducing Greenhouse Gases and Increasing Revenue, Secures 3 Billion KRW in Emission Permits

Last Year, 154,000t Surplus Emission Permits Held... 72,000t Sold for 1.4 Billion KRW Revenue, 82,000t Carried Over to This Year

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Busan City has enjoyed a 'profitable' benefit by securing an income worth as much as 3 billion KRW in exchange for reducing greenhouse gases.

Busan City (Acting Mayor Lee Byung-jin) announced on the 23rd that it reduced 154,000 tons compared to the 1,366,000 tons allocated last year under the greenhouse gas emissions trading system.

The greenhouse gas emissions trading system is based on the "Act on Allocation and Trading of Greenhouse Gas Emission Permits."

This system grants companies and local governments that emit large amounts of greenhouse gases an allocation of emissions they can release during the planning period, allowing them to buy or sell any surplus or deficit in emissions. Currently, the emissions trading system applies to 685 companies nationwide, including Busan City.

Busan City converted fuel from LNG to steam or utilized waste heat at 28 locations such as landfills, incineration plants, sewage treatment plants, water purification plants, and district energy supply facilities.

Additionally, the city has made various efforts to reduce greenhouse gases by installing solar power facilities, food waste biogas power generation facilities, and high-efficiency lighting equipment.

Busan City plans to sell 72,000 tons through the Korea Exchange's greenhouse gas emissions trading market located in the Munhyeon Financial Complex in June, after going through the Shared Property Deliberation Committee and Shared Property Management Plan approval procedures and completing the government's certification process.

As of March, the average price in the greenhouse gas emissions trading market is about 19,000 KRW per ton, expected to secure an income of 1.4 billion KRW. In 2020, the city also sold 65,000 tons of surplus emission permits, securing 1.3 billion KRW in tax revenue.

The remaining 82,000 tons, worth approximately 1.6 billion KRW, will be carried over as 2021 emission permits and used for emissions permit operations.

Acting Mayor Lee Byung-jin of Busan said, "We have acquired surplus emission permits through active greenhouse gas reduction activities," and added, "We will continue to promote projects to reduce greenhouse gases in cooperation with emission trading sites such as the Busan Environmental Corporation."

This content was produced with the assistance of AI translation services.