Parliament passes Carbon Emissions bill
The South Korean National Assembly passed a cap and trade system to cut carbon emissions yesterday. The move comes as more and more countries are adopting a similar system to cut their carbon emissions to agreed international standards. Mexico and Peru passed similar legislation last month and Australia, controversially, did so in March. Other countries that have introduced the system are New Zealand and the European union.
The bill was passed with the support of government and opposition members, with 148 for and none against with three abstentions.
The cap and trade system creates a mandatory cap on emissions whilst allowing flexibility as to how it is achieved. This might include trading emissions permits or buying carbon offsets.
The law will come into effect in 2015.