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Minister for Climate Change Issues, Tim Groser, today speaking from Canberra, having attended the Select Council on Climate Change, congratulated the Republic of Korea on passing legislation that establishes a domestic Emissions Trading Scheme (ETS).
From 1 January 2015, the South Korean ETS will establish a price on greenhouse gas emissions from its country’s 450 biggest polluters.
“This is an exciting time for the region,” said Mr Groser. “New Zealand has operated an ETS since 2008, and within the next 12 months we will be joined by Australia and California. Significant progress is also being made by other countries in the region, including the People’s Republic of China. This highlights the potential for developing an Asia-Pacific regional carbon market.”
The Korea Legislation Research Institute and New Zealand’s Ministry for the Environment have begun a joint study into whether our countries’ respective emissions trading schemes can be linked.
“South Korea is an important friend and trading partner and we are keen to strengthen this relationship as we celebrate our 50th anniversary of diplomatic relations. We want to seize the opportunity to cooperate in this important area,” said Mr Groser.
The study will examine possible future linking between the two countries’ schemes, how this could occur and what barriers would need to be removed.
“Climate change is a global problem that will be resolved only when every country takes responsibility for its domestic emissions. Market mechanisms such as emission trading schemes have a significant part to play and can be more effective when they link across jurisdictions,” said Mr Groser.
This study follows a similar examination by the Australia-New Zealand Carbon Pricing Officials Group, on how the Australian and New Zealand schemes could be linked.
“I’m encouraged by the cooperative approach being taken by our partners in the Asia-Pacific region on climate change initiatives,” Mr Groser said.