Responding to Climate Change

Responding to Climate Change

Global Experiences and the Korean Perspective

KDI/EWC series on Economic Policy

Edited by Chin Hee Hahn, Sang-Hyop Lee and Kyoung-Soo Yoon

This topical book explores the global experiences of responding to climate change, with perspectives from Australia, China, the European Union, Japan, the Republic of Korea, the United States, as well as the International Energy Agency.

Chapter 9: Issues in Establishing a Carbon Market in Korea

Kyoung-Soo Yoon and Min-Kyu Song

Subjects: asian studies, asian economics, economics and finance, asian economics, environmental economics, environment, climate change, environmental economics


Kyoung-Soo Yoon and Min-Kyu Song INTRODUCTION Increasing evidence of global warming and the impact of greenhouse gas (GHG) on it have initiated a worldwide effort to cope with climate change.1 The 1997 Kyoto protocol was a great step toward multinational collective action to deal with this global phenomenon, regardless of whether its performance has been evaluated as successful. Ahead of the post-Kyoto era beyond 2012, international discussion on global mitigation is now under way and moving toward a certain conclusion. For the scheme to be effective for global mitigation, the post-Kyoto system should be one with more countries involved in it. Given the current status, it seems inevitable for Korea to play a role in the post-Kyoto system. As is shown in Table 9.1, the volume of carbon dioxide (CO2) emissions per unit of GDP in Korea is ranked ninth in the world, and the percentage increase from 1995 to 2006 is the topmost among the countries of the Organisation for Economic Co-operation and Development (OECD). Among non-OECD countries, only China and India are similar to Korea in volume and percentage change of GHG emissions. Taking the emissions statistics and the size of the Korean economy into consideration, it is anticipated that some responsibilities for global GHG reduction would be levied on Korea as an advanced developing country in the post-Kyoto system. The Korean government adopted “green growth” in 2008 as a national development strategy, in preparation for the post-Kyoto era, in need of finding a new growth engine under...

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