Seoul, Nov 23 ( LatestNewsX ) – South Korea announced on Sunday that it will broaden its cap‑and‑trade regime next week, allowing the trading of greenhouse‑gas permits to operate much like a stock market.
Beginning Monday, financial entities such as banks, insurers and pension funds will be able to open brokerage accounts and trade emission permits through the established trading platforms of securities firms, the Ministry of Climate, Energy and Environment explained.
Until now, permits could only be swapped directly on the Korea Exchange and only by a limited set of companies, according to Yonhap News Agency.
The new schedule will see trading run from 10 a.m. to noon, with auctions held for one hour starting at 2 p.m. and a three‑hour over‑the‑counter session also commencing at 2 p.m.
The ministry said the more accessible system should ease the process for firms and boost overall volume by drawing in financial players.
It also paves the way for a future emissions‑futures market and other derivative products.
In related news, a presidential commission has approved a target to cut South Korea’s greenhouse‑gas output by 53–61 % from 2018 levels by 2035, aiming to speed the shift to carbon neutrality while strengthening industrial competitiveness.
The Commission on Carbon Neutrality and Green Growth confirmed the nationally determined contribution (NDC) for 2035, which is a touch higher than the government’s earlier suggestion of a 50–60 % cut.
The cabinet will finalize the goal on Tuesday and formally unveil the plan at COP30 in Belém, Brazil, which starts Tuesday and continues through Nov 21, the commission stated.
Under the Paris Agreement, each country must submit and update its NDC every five years, detailing its efforts to curb emissions.
— LatestNewsX
na/
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