South Korea to launch emissions scheme

South Korea will launch a pilot carbon emissions trading scheme this month after the environment ministry received applications from 641 public and private organisations, the ministry has said. A ministry official said trading mainly among local municipalities will be done online this year, and from 2011 at Korea Exchange, the country's bourse. The ministry has not yet decided its price for emissions per ton, she said. A statement released from the ministry said the scheme will provide a base for the country's voluntary 2020 emissions reduction target. South Korea has pledged to cut emissions by 30% from its forecast under a 'business as usual' scenario. "The scheme is designed to meet the country's mid-term emission reduction target and connect with international carbon markets," the statement said.