South Korean government implements green credit system

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South Korea is working towards ensuring a smaller carbon footprint for their country by announcing the implementation of a “green credit system” targeting large corporations and their subsidiaries.  Large companies will give their suppliers and subsidiaries technology and funding to reduce their emissions, and in return will receive carbon credits.  The Korean government hopes that up to a trillion won (about $913 USD) will be given to the smaller companies.

Korea’s large conglomerates consume 41% of the country’s energy and release 58% of the country’s emissions, and this new credit system will hopefully reduce these numbers by 30% by 2020. The government is also looking into offering a 7% tax break for companies working to reducing their footprints.  Many large conglomerates, including Korea’s largest corporations Hyundai and POSCO, have signed a memorandum of understanding to work with their subcontractors and suppliers to achieve the country’s emission targets.

 

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Reading Time: 1 minute

South Korea is working towards ensuring a smaller carbon footprint for their country by announcing the implementation of a “green credit system” targeting large corporations and their subsidiaries.  Large companies will give their suppliers and subsidiaries technology and funding to reduce their emissions, and in return will receive carbon credits.  The Korean government hopes that up to a trillion won (about $913 USD) will be given to the smaller companies.

Reading Time: 1 minute

South Korea is working towards ensuring a smaller carbon footprint for their country by announcing the implementation of a “green credit system” targeting large corporations and their subsidiaries.  Large companies will give their suppliers and subsidiaries technology and funding to reduce their emissions, and in return will receive carbon credits.  The Korean government hopes that up to a trillion won (about $913 USD) will be given to the smaller companies.

Korea’s large conglomerates consume 41% of the country’s energy and release 58% of the country’s emissions, and this new credit system will hopefully reduce these numbers by 30% by 2020. The government is also looking into offering a 7% tax break for companies working to reducing their footprints.  Many large conglomerates, including Korea’s largest corporations Hyundai and POSCO, have signed a memorandum of understanding to work with their subcontractors and suppliers to achieve the country’s emission targets.

 

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