The European Union has launched a €3.5m cooperation project with South Korea to support the implementation of the first national emissions trading system (ETS) in East Asia. The project is funded under the EU's Foreign Partnership Instrument with in-kind contribution from the Korean government and will be steered jointly by the EU and the Korean Ministry of Strategy and Finance.
South Korea launched a carbon Emission Trading Scheme (ETS) in January 2015. The ETS scheme is applicable to 525 companies including power generation firms, petrochemical companies, steel producers, car makers, electro-mechanical companies and airlines. The total amount of allowed emissions for the period from 2015 to 2017 is set at 1.7 MtCO2, with a price cap of KRW 10 000 for 2015 and 2016. The permits are traded on the Korean Exchange (KRX). There is a price cap of KRW 10 000/tCO2 for 2015 and 2016 (US$9.5/tCO2).
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