SKorea to set up first carbon trading company

In Asia, News Headlines

SEOUL (AFP) – South Korea will set up its first carbon trading company to help regulate greenhouse gas emissions, officials said Wednesday.

Korean Carbon Finance (KCF) will be set up this month with start-up capital of five billion won (4.4 million dollars), said the Ministry of Knowledge Economy.

It will trade carbon offset credits produced by local companies and secure investments from private equity funds to invest in carbon derivatives and greenhouse gas reduction projects.

South Korea is classed as a developing country and is not obliged to cut back on greenhouse gases under the Kyoto Protocol, which was adopted in 1997 and took effect in early 2005.

But it may have to join the global campaign after 2013.

The new firm will make direct investments and provide consultations to firms that want to cut down on greenhouse gases, the ministry said in a statement.

“KCF will help invigorate the market for greenhouse gas reductions in Northeast Asia,” it said.

You may also read!

Millions In China Face Arsenic Poisoning

Nearly 20 million people in China live in areas at high risk of arsenic contamination in their water supplies,


Biblical Wormwood Arrives In India

Tubewells in seven wards of Chittagong City Corporation are pumping water with arsenic contamination 10 times higher than the


34 Meter Tsunami Could Hit Japan

TOKYO (AP)—Much of Japan's Pacific coast could be inundated by a tsunami more than 34 meters (112 feet) high


Mobile Sliding Menu