South Korean government implements green credit system

South Korean government implements green credit systemSouth 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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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....

South Korean government implements green credit systemSouth 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.

 



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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