To several sources including TreeHugger and The Energy Collective, South Korea is about to ” create the world’s most ambitious cap and trade market, with the highest global price on carbon. “ The launch will take place in 2015.
This initiative will cover 70 percent of the nation’s emissions and will charge no less than $90 (67 euros) per ton of carbon. All this is done to reduce carbon emissions by thirty percent (30% !) compared to business as usual scenario by 2020.
Congratulations to South Korea for showing some leadership in the climate area. If only all G2O countries could do the same…