Abstract
A reduction of the greenhouse gases emissions is one of the most important policies to tackle the long-term changes to the climate system. The emission trading schemes are flexible market mechanisms, which, if implemented wisely, can contribute to achieving sustainable green growth. The chapter will, firstly, review the relevant literature indicating the theoretical underpinnings and the crucial elements of an effective emission trading system. Secondly, it will analyse the legal framework of the European Union Emission Trading System and assess its achievements and challenges. Thereafter it will trace the legislative and institutional development of the Korean counterpart which is in the development stage. In its conclusion the chapter will suggest policy alterations which Korean government could implement to increase the efficiency of its scheme. It will argue that the Korean government should centralise the governance of its scheme to increase market liquidity and reduce a threat of favouritism. Moreover, Korea should contribute to developing effective mechanisms to combat carbon leakage and establish links with other similar schemes at the global scene.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
