Korea?s emission trading scheme and policy design issues to achieve market-efficiency and abatement targets |
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| Affiliation: | 1. Department of Food and Resource Economics, College of Life Sciences and Biotechnology, Korea University, Anam-Dong, Seongbuk-Gu, Seoul 136-701, Republic of Korea;2. Formerly affiliated with the Greenhouse Gas Inventory & Research Center, Seoul, Republic of Korea;1. Institute for International Studies, CCITSMR, Wuhan University, Wuhan Hubei 430072,China;2. China Energy Group, Lawrence Berkeley National Laboratory, Berkeley CA 94720, USA;3. Climate Change, Environment and Energy Study Center, Wuhan University, Wuhan Hubei 430072,China;1. Department of Economic Forecasting, State Information Center of China, Beijing, China;2. Institute for Sustainable Development and International Relations (IDDRI), Sciences Po Paris, 27 rue Saint-Guillaume, 75337 Paris Cedex 07, France;3. Yuzhou Energy Development Entities, Yuzhou, He Bei Province, China;1. Institute of Energy, Environment and Economy, Low Carbon Laboratory, Tsinghua University, Beijing, China;2. Energy Science Building, Tsinghua University, 100084 Beijing, China;3. Institute for Sustainable Development and International Relations (IDDRI), 41, Rue du Four, 75006 Paris, France;1. Crawford School of Public Policy, Australian National University, Canberra 0200, ACT, Australia;2. University of Münster, Department of Economics, 48143 Münster, Germany;3. University of International Business and Economics, Beijing 100029, China;4. Centre for European Economic Research (ZEW), Mannheim, Germany |
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| Abstract: | In 2008, the government of Republic of Korea (Korea) announced the national abatement target aiming at 30% reductions from the Business-as-Usual projections by 2020. Accordingly, the Emission Trading Scheme (ETS) will be implemented from 2015 onwards. As ETS performance substantially depends on the structural design, it is critically important to examine the details of Korean ETS for the achievement of cost effectiveness and concurrent development of an active emission trading market. This paper addresses several policy design issues for this purpose. After providing an overview on the current framework of Korean ETS, we propose ways to achieve flexibility, consistency and market efficiency of the program in consideration of the preexisting policies. Issues in policy design are discussed by focusing on allowance allocation, market stabilization measures and price mechanism in the emission and energy markets in Korea. This paper will serve as a practical guideline for establishing sustainable and market-efficient Korean ETS that can be compatible with the international standards as in the EU ETS. |
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| Keywords: | Korean ETS Policy design Market-based mechanism |
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