Japan, South Korea oppose move to bring global shipping to EU carbon market
Japan and South Korea has voiced concerns over EU plans to extend the scope of its ETS to include emissions from all voyages using the 27-nation bloc’s ports, which the European Commission is considering as part of its carbon market reform.
Read MoreSouth Korea to again shut coal plants over winter to tackle pollution
South Korea will close a number of coal-fired power plants during the winter months to reduce air pollution, the government announced Thursday, a move that will also mute demand for CO2 allowances in the nation’s emissions trading scheme.
Read MoreSK Market: Oversupply stunts interest at South Korea CO2 auction
South Korea on Wednesday sold just over half the allowances on offer at its monthly KAU auction, with prices coming in well below secondary market levels as expectations about oversupply tamed interest.
Read MoreMARCU MY WORDS: The importance of the Article 6 Guidelines to the success of the Paris Agreement
The absence of the Article 6 Guidelines creates uncertainty for the accounting treatment of assets in the emerging carbon market under the Paris Agreement as well as for other related markets. The importance of the international accounting treatment cannot be overstated.
Read MoreAnalysts see limited upside potential for South Korean CO2 prices
Korean CO2 allowance prices might move slightly up from current levels of 22,500 won ($19.70) during the 2020 compliance cycle, but will get nowhere near the highs seen in the first few months of this year amid sizeable oversupply, analysts said Wednesday.
Read MoreSouth Korea announces 2050 net zero emissions target
South Korea will bring its net greenhouse gas emissions to zero by 2050, President Moon Jae-in said Wednesday, following recent similar statements from neighbours China and Japan and spurring further momentum for climate action in the East Asia region.
Read MoreKEPCO to stop subsidising KAU purchases for power plants
South Korea’s majority state-owned power company KEPCO will stop subsidising CO2 allowance purchases for power plants from next year, according to domestic media reports this week.
Read MoreSK Market: Steady demand puts KAUs on path to recovery
South Korean CO2 allowances are recovering gradually amid steady demand, albeit in limited volumes and as regulatory uncertainties put a limit on available supply.
Read MoreSK Market: Korean monthly CO2 auction sells out for first time since April
South Korea sold all 616,100 allowances on offer at Wednesday’s monthly carbon auction, the first time a sale has gone oversubscribed in half a year as KAU prices slowly recover after being slashed in half over the summer months.
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