The South Korean government on Wednesday unveiled proposed legislation governing its carbon emissions trading scheme.
“We are hoping to propose this bill to the National Assembly later this year after hearing public opinions,” Jung Do-hyun, an official at Presidential Committee on Green Growth, told Reuters by telephone.
Under the proposed legislation, which still requires approval of lawmakers, the government plans to allocate more than 90 percent of carbon trade rights with no charge during the first phase between 2013 and 2015.
The Asia’s fourth-largest economy said it would finalize plans in September.
The legislation also includes some measures the government could take to stabilize the market price of carbon trading, such as early auctions for paid trading rights.
South Korea, the world’s fifth-largest importer of oil and one of the world’s fastest-growing carbon polluters, has been trying to shift away from its reliance on fossil fuels, sharply increasing investment in green resources.
Earlier, the government introduced a scheme where 374 local companies including Samsung Electronics are required to set green house gas reduction targets by September 2011.
