South Korea’s annual greenhouse gas emissions decreased last year for the first time since the implementation of the emission trading scheme (ETS) in 2015.
The Ministry of Environment announced on May 14 that the emissions of 611 companies subject to the ETS totaled 589.41 million tons last year, down 2 percent from a year ago.
By industry, the emissions showed a year-on-year decrease in the 10 industries including display. For example, the emissions of power generation and energy companies fell 8.6 percent with the government’s particulate matter reduction measures leading to a decrease in power plant capacity utilization. On the other hand, the emissions increased in the 12 sectors including steel.
According to the ministry, the current shortage and surplus of emission rights are 20.38 million tons and 28.69 million tons, respectively. Although the overall surplus is 8.32 million tons, the shortage still amounts to 2.88 million tons in the power generation and energy sector, which has the largest allocated emission rights.