May 03, 2012 - 8:30am
The South Korean Parliament has just passed a bill to establish an emissions trading scheme. This follows recent news that Mexico has passed a climate bill including emission trading, South Africa has introduced a carbon tax, a number of European countries are in the process of increasing or introducing carbon taxes (UK, Italy and Norway) and draft plans are emerging over China’s regional emission trading schemes.
The passage of the South Korean emission trading bill is further evidence that, contrary to popular belief, many leading developed and developing economies are not displacing climate change action with other economic priorities. In fact, countries like South Korea see the shift to clean energy development as crucial for their economic performance and global competitive advantage.
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