The Korea Emissions Trading Scheme:

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doi:10.22617/tim189641-2

Cited by 6 publications

(2 citation statements)

References 3 publications

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“…However, the total level of emissions for the first phase being below the policy threshold, coupled with the low level of noncompliance (1 firm in 2015 and 2 firms in 2017) [ 29 ], suggest that firms across the targeted industries met the policy goals in aggregate. Since our analysis indicates increasing emissions and energy efficiency, firms were likely to invest in purchasing permits (especially in the later years) and use banked permits and offsets to meet the policy targets [ 42 ]. For example, in aggregate, 56% of all traded volume during the first phase of KETS was comprised of allowances, with 35% and 9% containing offsets and credits, respectively [ 42 ].…”

Section: Discussionmentioning

confidence: 99%

“…Since our analysis indicates increasing emissions and energy efficiency, firms were likely to invest in purchasing permits (especially in the later years) and use banked permits and offsets to meet the policy targets [ 42 ]. For example, in aggregate, 56% of all traded volume during the first phase of KETS was comprised of allowances, with 35% and 9% containing offsets and credits, respectively [ 42 ].…”

Section: Discussionmentioning

confidence: 99%

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Impact of Korea’s emissions trading scheme on publicly traded firms

O.,

Miteva,

Lee

2023

PLoS ONE

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Reducing fossil fuel energy consumption and greenhouse gas (GHG) emissions is vital to protecting life on the planet. Globally, emissions trading schemes are gaining traction as one way to curb emissions. However, the evidence of their effectiveness remains scarce. To address this gap, we examine the impact of Korea’s Emissions Trading Scheme (KETS), the first nationally mandated cap-and-trade program in East Asia to reduce GHG emissions, relative to its pre-existing command-and-control regulation called the Target Management System for Greenhouse Gases and Energy (TMS). Using panel data for publicly traded firms between 2011 and 2017, we apply a combination of panel data estimators and matching methods. We find that KETS did not significantly reduce emissions by firms but may have improved the aggregate efficiency in energy use in the energy and manufacturing sectors. Given the low levels of noncompliance with the first phase of the policy, it is likely that firms purchased permits and offsets or used previously banked permits to meet policy targets. Our work is one of the first efforts to understand the impact of KETS and the mechanisms underpinning its impact.

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Section: Discussionmentioning

confidence: 99%

Section: Discussionmentioning

confidence: 99%

Impact of Korea’s emissions trading scheme on publicly traded firms

O.,

Miteva,

Lee

2023

PLoS ONE

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Accounting Standard-Setting for an Emission Trading Scheme: The Korean Case

2022

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This study examines the participation and interaction of relevant individuals in the process of developing an accounting standard for South Korea’s emission trading scheme (ETS). Despite the enormous accounting implications of such schemes, there is a paucity of research on the development and application of ETS accounting. Ulrich Beck’s and Anthony Giddens’s risk society framework is utilised to scrutinise the process of setting accounting standards—from the agenda-setting stage all the way to the final publication of the standard. In this case study, we take an interpretive approach in analysing the rich data collected through face-to-face interviews with prominent standard-setters, accounting experts and representatives of industry and government. Participant observation and relevant documents were also considered. The findings highlight the political nature of accounting standard-setting and identify the risks and responsibilities of the key agents in the process along with the means of sub-political action taken to influence decisions. We reveal that the agents involved in standard-setting attempted to balance their anthropocentric priorities with ecocentric responsibilities and prioritised the production of a standard with minimal impact on economic, reputational, and operational risk. Having authority as a standard-setter, referring frequently to precedents and, perhaps most importantly, engaging actively with the stakeholders throughout the process seem to have contributed to a widely accepted standard, which can serve as a benchmark for future attempts to factor in ETSs.

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Greening the Post-pandemic Recovery in the G20

Barbier

2020

Environ Resource Econ

173

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Rebuilding G20 economies after the COVID-19 pandemic requires rethinking what type of economy we need and want in the future. Simply reviving the existing 'brown' economy will exacerbate irreversible climate change and other environmental risks. For G20 economies, investing in a workable and affordable green transition is essential. A good place to start is learning what worked and what did not from previous efforts to green the economic recovery during the 2008-2009 Great Recession, examining the cases of the United States and South Korea. Policies for a sustained economic recovery amount to much more than just short-term fiscal stimulus. Transitioning from fossil fuels to a sustainable low-carbon economy will require long-term commitments (5-10 years) of public spending and pricing reforms. The priorities for public spending include support for private sector green innovation and infrastructure, development of smart grids, transport systems, charging station networks, and sustainable cities. Pricing carbon and pollution, and removing fossil-fuel subsidies, can accelerate the transition, raise revenues for the necessary public investments, and lower the overall cost of the green transition.

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The Korea Emissions Trading Scheme:

Cited by 6 publications

References 3 publications

Impact of Korea’s emissions trading scheme on publicly traded firms

Impact of Korea’s emissions trading scheme on publicly traded firms

Accounting Standard-Setting for an Emission Trading Scheme: The Korean Case

Greening the Post-pandemic Recovery in the G20

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