Korea-China-Japan Carbon Pricing Forum... Discussing Mutual Cooperation Measures to Revitalize the Northeast Asia Carbon Market

Sharing Results of the UN Parties Assembly and Experiences in Emissions Trading System Operation

[Sejong=Asia Economy Reporter Joo Sang-don] The Greenhouse Gas Comprehensive Information Center under the Ministry of Environment will participate on the 9th in the "6th Korea-China-Japan Carbon Pricing Mechanism Forum," hosted by the Japanese Ministry of the Environment and held via video conference, to discuss cooperation measures for the Northeast Asian international carbon market, including the greenhouse gas emissions trading system.

This forum involves practical officials from the Ministry of Environment of Korea (Greenhouse Gas Comprehensive Information Center), the Ministry of Ecology and Environment of China, and the Ministry of the Environment of Japan to effectively share technical details and operational experiences of carbon pricing systems such as the emissions trading system.

The forum will be conducted through presentations and discussions by experts from Korea, China, and Japan. They will exchange views on raising national reduction targets, system operations, utilization of the international carbon market, and private sector responses to the carbon market.

In particular, various information will be shared regarding the key outcomes of Article 6 (International Carbon Market) of the Paris Agreement, which was one of the main agendas at the 26th United Nations Climate Change Conference of the Parties (COP26) that concluded on November 13. At COP26, after six years of negotiations, guidelines for the international carbon market were finalized, and detailed implementation rules were completed.

Choi Hyung-wook, Information Management Team Leader at the Greenhouse Gas Comprehensive Information Center, said, "The emissions trading system is a core mechanism for achieving carbon neutrality and the national greenhouse gas reduction target (NDC)." He added, "The diverse discussions at this forum will serve as a foundation for revitalizing the international carbon market."

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