South Korean firm strikes rare China CDM deal
A South Korean firm has struck a rare deal with a Chinese petrochemical group that will see the two launch a Clean Development Mechanism (CDM) project to generate carbon credits eventually eligible for compliance use in the South Korean emissions trading scheme.
Read MoreSouth Korea to reduce offset limit in ETS, ministry proposals indicate
South Korean companies will only be allowed to use half the previously expected amount of offsets to help meet their 2021-25 ETS compliance requirements, according to an environment ministry proposal.
Read MoreSouth Korea to increase KAU allocation levels in ETS U-turn
South Korea’s environment ministry on Monday announced draft plans to increase the CO2 allowances in its ETS over the 2021-25 period after previously saying the amount would be reduced, while coal-fired power plants seem to remain in the scheme following ministerial wrangling.
Read MoreSK Market: KAU auction goes undersubscribed again in uncertain market
South Korea’s monthly CO2 auction went undersubscribed on Wednesday, the fifth consecutive month the government has failed to sell out as COVID-19 and policy uncertainties cloud the market outlook.
Read MoreUN approves South Korean residential buildings for CDM
South Korea can begin earning Certified Emission Reductions (CERs) from GHG cuts from residential buildings after the UN approved its new standardised baseline system for measuring emissions, the government said Tuesday.
Read MoreGCF approves massive EBRD project to green industries in seven countries
The Green Climate Fund (GCF) on Friday approved a $250 million loan to an EBRD-sponsored project to spur climate action in heavy industry across seven developing nations, a sum equivalent to around 10% of the UN climate finance initiative’s annual budget.
Read MoreSouth Korea mulls excluding power sector from ETS amid interministerial spat
South Korea could pull the power generators out of its emissions trading scheme from 2021 over a disagreement between ministries on how to best regulate CO2 emissions from the sector, according to sources, a move that would gut the world’s second biggest carbon market.
Read MoreSK Market: CO2 auction again fails to sell out as bearish mood prevails
South Korea’s monthly carbon auction failed to sell out on Wednesday, the fourth straight sale that has gone undersubscribed as the market struggles with oversupply ahead of government allocations.
Read MoreSouth Korea’s cabinet approves measures to allow financials to trade in ETS
South Korea’s cabinet advanced amendments on Tuesday to the country’s carbon market that will let financial institutions participate in the market starting next year.
Read MoreSouth Korea ETS braces for impact from influx of international carbon credits
South Korean companies have cancelled nearly 800,000 UN-issued CERs from projects abroad over the past couple of weeks, with a view to having them re-issued as credits eligible in the already oversupplied domestic emissions trading scheme.
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