Estimating the public’s value of implementing the CO2 emissions trading scheme in Korea |
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| Affiliation: | 1. Department of Energy Policy, Graduate School of Energy & Environment, Seoul National University of Science & Technology, 232 Gongreung-Ro, Nowon-Gu, Seoul 139-743, Republic of Korea;2. Fund Management Team, Korea Institute for Advancement of Technology, Korea Technology Center, 305 Teheran-Ro, Kangnam-Gu, Seoul 135-780, Republic of Korea;1. KTH Royal Institute of Technology, Department of Energy Technology, Energy and Climate Studies, SE-100 44 Stockholm, Sweden;2. Energy, Materials, and Environment Laboratory, Department of Chemical Engineering, Universidad de La Sabana, Campus Universitario, Puente del Común, Km. 7 Autopista Norte, Bogotá, Colombia;1. Tsinghua University, Beijing, China;2. Guangdong Power Grid Corporation, Guangzhou, China;1. FiME (Finance for Energy Market Research Centre), France and CABREE (Centre for Applied Business Research in Energy and the Environment), Canada;2. LEDA-CGEMP, Université Paris Dauphine and Ecole Polytechnique, France;3. EDF R&D, France;1. Institute for Research in Technology, Comillas Pontifical University, Sta. Cruz de Marcenado 26, Madrid, Spain;2. MIT Energy Initiative, 77 Mass. Av., Cambridge, US;3. Florence School of Regulation, Florence, Italy |
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| Abstract: | The Korean government set out the carbon dioxide (CO2) emissions reduction target as 30% below business-as-usual by 2020. The CO2 emissions trading scheme (ETS) was initiated in January 2015 to meet this target. We attempt to estimate the public's value of implementing the ETS for CO2 emissions reduction. We apply the contingent valuation (CV) method using the willingness to pay (WTP) data obtained from a national CV survey of 1000 randomly selected households. The survey was conducted via in-person interviews. Value judgments required of the respondents were within their abilities. The mean WTP to achieve the stated target of CO2 emissions reduction using ETS is estimated to be KRW 1873 (USD 1.66) per household per month, which is statistically significant at the 1% level. The aggregate national value amounts to KRW 409.2 billion (USD 363.4 million) per year. Thus, even though Korea has no obligations to cut emissions under the Kyoto protocol, the public is willing to bear a financial burden to implement the ETS. If its cost is less than this value, implementing the ETS can be socially profitable. The results of this study can serve as a basis for further policy discussions and decisions. |
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| Keywords: | Emission trading scheme Willingness to pay Contingent valuation |
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