South Korea releases 10-year roadmap for ETS reforms
South Korea has established a blueprint that lays out the goals and policy direction of the country’s emissions trading scheme (ETS) over the next decade.
Read MoreSouth Korea to phase down subsidies for biomass due to environmental concerns
South Korea announced Wednesday it will phase down subsidies for private and state-owned biomass facilities following widespread criticism over their impact on climate as well as the industry’s role in fuelling deforestation.
Read MoreSouth Korea to spend $2 bln next year on climate tech
South Korea has allocated 2.7 trillion won ($1.9 billion) in the government budget for 2025 for developing technologies aimed at tackling climate change, including hydrogen as well as carbon capture, utilisation, and storage (CCUS).
Read MoreSK Market: Monthly permit auction fails to sell out, spot prices hovers around $7
South Korea this week sold around 70% of the allowances on offer in its monthly CO2 permit auction amid dwindling buying interest, while spot prices in the secondary market retreated to around 10,000 won ($6.96).
Read MoreAsia Pacific shipping sector faces 100 Mt/year CCS challenge, report finds
Ships may have to transport some 100 million tonnes of CO2 annually between jurisdictions by mid-century, which will require huge advance efforts in terms of funding and other preparations, according to a report released Wednesday.
Read MoreKEY TAKEAWAYS: ICAO TAB assessments, recommendations, and public comments for CORSIA 2024 application cycle
UN civil aviation body ICAO late on Friday published reports outlining its Technical Advisory Body’s (TAB) assessments, recommendations, and public comments made during the 2024 cycle for applications by carbon credit standards seeking eligibility under the airline offsetting programme.
Read MoreRegional gas lobby releases legal recommendations on cross-border CCS projects
An industry coalition of energy majors has released a set of recommendations for cross-border carbon capture and storage (CCS) projects in the Asia Pacific, in order to provide the necessary legal clarity in the absence of international regulations.
Read MoreSouth Korea, UNFCCC to develop Paris-aligned voluntary carbon market
South Korea and the UNFCCC secretariat have agreed to jointly develop a global voluntary market aligned with the Paris Agreement, with detailed plans to be disclosed early next year.
Read MoreSouth Korea urged to increase auctioned share of CO2 permits in ETS
South Korea needs drastic policy changes to improve the efficiency of the country’s obligatory carbon market, including the phase-out of free allowance allocation for the power sector, environmental groups have urged.
Read MoreEU timeframe for approval of applications to import CBAM goods is too long, industry groups say
The EU is proposing too long a timeframe for the approval of applications from companies looking to import goods subject to the Carbon Border Adjustment Mechanism (CBAM), according to feedback from industry associations and governments.
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