South Korea’s lawmakers approved a national emissions trading scheme on Wednesday to tackle its growing greenhouse gas emissions, overcoming strong industry opposition and joining a growing number of nations to put a price on carbon.
Of the 151 lawmakers who voted, 148 approved the scheme, underscoring bipartisan support for a cap on carbon emissions, in stark contrast with the United States and Australia where emissions trading has been deeply divisive.
Analysts and officials said the program won approval, despite fears it would hurt the economy, because of the long-term benefits to the country’s huge conglomerates from being more energy-efficient and exporting greener goods.
The scheme has not generated the same bitter public debate as in Australia and the United States, with the public more concerned with neighbouring North Korea.
Read More: Reuters >>
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