Vice Minister of Economy and Finance: "Fundamental Advancement Needed for Carbon Emissions Trading System"... Improvement Plan to Be Announced Within the Year

Bang Gi-seon, 1st Vice Minister of Strategy and Finance [Photo by Yonhap News]

[Asia Economy Sejong=Reporter Son Seon-hee] Bang Gi-seon, the 1st Vice Minister of the Ministry of Economy and Finance, said on the 1st, "Fundamental institutional advancement is necessary so that the Emissions Trading System can establish itself as an effective means to achieve the 2030 Nationally Determined Contribution (NDC) and carbon neutrality."

On the morning of the same day, Vice Minister Bang held a 'Private Committee Members Meeting of the Emissions Trading System Allocation Committee' at the Vertex Korea Business Center in Jongno-gu, Seoul, stating, "To achieve 'scientific and feasible carbon neutrality,' the advancement of the Emissions Trading System, which is the most cost-effective greenhouse gas reduction method, is an essential task." To this end, he added, "We will support smooth compliance by designing incentives to encourage corporate reduction efforts and by alleviating administrative burdens."

The greenhouse gas Emissions Trading System is a system that allocates rights to emit greenhouse gases to companies in advance, allowing them to purchase or sell emission allowances in the emissions market if they have a shortage or surplus.

At the meeting, private committee members expressed their hope that "the Emissions Trading System will function not merely as a regulation restricting corporate activities but as a mechanism that promotes technological innovation and creates new opportunities." In this regard, they suggested strengthening the foundation by organizing a fair and transparent carbon emission measurement, reporting, and verification system, as well as preparing support measures for startups and small and medium-sized enterprises.

The government plans to reflect the opinions presented on this day and prepare and announce the 'Emissions Trading System Institutional Improvement Plan' within the year.

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