South Korea goes for cap-and-trade

It’s not called “Korean warming” either.

Bloomberg reports:

Lawmakers in South Korea voted to impose greenhouse-gas limits on the nation’s largest companies, overruling industry opposition and laying groundwork for the third emissions-trading program in the Asia-Pacific region.

A special committee of the National Assembly on climate change passed legislation today to establish a so-called cap-and-trade system in 2015. The bill now goes to the nation’s Legislation and Judiciary Committee, and then to the assembly’s plenary session on Feb. 16, the last step for the law.

South Korea, the world’s eighth-largest carbon emitter based on 2009 figures from the International Energy Agency, approved limits after disagreements between opposition and the ruling Grand National Party postponed the effort last year. The nation said in November 2009 its target for 2020 is to cut emissions by 30 percent from forecast levels, following similar programs in Australia and New Zealand…

Read the entire report.