Climate Change:

South Korea Launches World’s Second-Largest Carbon Trading Market (Climate Progress)

(Courtesy CIA.gov)

South Korea launched its cap-and-trade system Monday, an act that makes the country home to the world’s second-largest carbon trading market.

The cap-and-trade system, which was approved by the country’s National Assembly in 2012, will cap the emissions of 525 of the biggest companies in the country. Overall, South Korea has capped its 2015 to 2017 country-wide emissions at 1.687 million metric tons of carbon dioxide equivalent.

The system is part of the country’s goal to reduce its greenhouse gas emissions by 30 percent below current levels by 2020.

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