SEOUL, Nov. 26 (Yonhap) — South Korea will step up efforts to develop a transparent, verifiable carbon trading scheme in line with the international standards in preparation for its potential entry into an envisioned global carbon market, Seoul’s climate change ambassador said Friday.
Kim Hyo-eun said it is time for the government and private sectors to work together to devise a globally recognized system for carbon credits as climate negotiators made some headway on a global carbon trading system at the recent U.N. climate conference, known as COP26.
“We are making vigorous efforts to connect the local system to the global (carbon) market and make sure carbon credits are traded under the market-based principle,” Kim said during a briefing on the outcome of the COP26 held in Glasgow earlier this month.
South Korea has operated a domestic emission trading system among some industries since 2015, but it is still in an early stage amid a lack of participants and price fluctuations.
Kim stressed the need to develop an accurate assessment system of carbon footprint and a globally compatible trading system to get closer to its net zero goal by 2050. The nation pledged to cut greenhouse emissions by 40 percent from the 2018 levels by 2030.
“To calculate carbon credits, we should come up with an internationally acknowledged system that can accurately assess and verify carbon emissions,” she said.
The ambassador said the Seoul government should do more to share its knowhow on emission assessment and carbon data management with developing nations to encourage their participation in the global carbon market once it is launched.
Under the cap-and-trade system, countries that emit more carbon than they agreed to under U.N. commitments could buy credits to lower their net emissions or invest in projects abroad to generate credits that can be used at home.
At the COP26, climate negotiators agreed to avoid double-counting of carbon offsets to prevent two countries from counting the same emissions reductions from the offset toward their climate commitments.