In 2008 Korea announced ‘Low Carbon, Green Growth’ as its vision for mid-to long-term development (2009-2050) together with a voluntary target of 30% reduction of GHG emissions from the business as usual scenario by 2020. To implement this vision, it launched a National Green Growth Strategy in 2009 along with the countries’ Five Year Plan (FYP) for 2009-2013. One of the key instruments to achieve the countries’ new vision was the establishment of a national Emission Trading Scheme (ETS), scheduled to start from January 2015.
The development of the ETS along with the implementation of the Strategy has so far had notable impacts not just on industry but the wider public too. It has led to substantial investments on green technologies and changes in public attitudes to the issue of climate change.
There are a variety of stakeholders involved in the ETS, including several ministries and private sector actors. Although it is too early to fully evaluate the success of the strategy and emerging ETS, consistent political commitment from the Presidency (even through a change of leadership) together with ongoing coordinated efforts among all stakeholders, provide strong indications of its success.