ET (Emission Trading) is one of the main Kyoto mechanisms (Emission Trading, Clean Development Mechanism, and Joint Implementation).
To fulfill and meet the allocated emission reductions targets, each country is allocating emission target levels by sections and enterprises. When some enterprises could not meet the regulatory greenhouse gas emission reductions for their own, ET allows them to purchase the established emission goals from any other enterprises overseas.
To cope with this mechanism, Korea has been preparing actively by examining model business proposals while setting up the administrative examination team within Office for Government Policy Coordination in 2004.
Merits and Demerits of ET
Technology Development Investment and Enterprise Support Strengthening
To obtain new international environmental technologies to be developed and national competitiveness relating to the earth environmental protection and greenhouse gas emission reductions, the Korean government will actively invest to the technologies for greenhouse gas emission reductions and embark an enterprise support system for the companies which are making spontaneous efforts to reduce greenhouse gas emissions.
Education, Public Relations and Experts Training
While leading and revitalizing the local governments' climate change countermeasures through case studies of the climate change countermeasures of overseas local governments, publications of climate change cases, support for local governments' greenhouse gas emission reduction, the government will be nurturing the experts for climate change by supporting the specialized graduate schools
International Negotiation Base Strengthening
To generate the emission reduction obligation methods for minimizing the side-effects to the Korea economy, the government will develop appropriate international negotiation logics as well as strengthening mutual-assistance systems through joint-workshops with other countries like Mexico and China which are similar to the Korean standpoint. At the same time, Korea will actively implement the international corporation projects to reduce greenhouse gas emissions; e.g. participation to the 'Methane gas emission reduction partnerships' under U.S environment Protection Agency.