Republic of Korea’s INDC uses international market mechanisms for 2030 target

The Republic of Korea submitted its INDC on June 30, outlining a mitigation target of 37% below business-as-usual by 2030. This represents a target of 536 MtCO2e. About a third of this target (roughly 100 MtCO2e) would be met using international market mechanisms, leaving the remaining two-thirds of the mitigation effort to be achieved on the domestic level.

Korea introduced a national emissions trading system (ETS) at the beginning of 2015, covering 67% of national greenhouse gas emissions. Under current ETS legislation, companies regulated under the ETS will be allowed to cover up to 50% of their liability with international offset credits as of 2021.

 For more information on the Korean ETS, visit the ICAP ETS Map