South Korea to Begin Clean Energy Fund in July
Date: 29-May-07
Country: SOUTH KOREA
The fund, with seed money of 20 billion won (US$21.55 million), is expected to grow to around 200 billion won after it collects carbon credit transaction income.
Under the global emission trading system, begun by the United Nations, companies can buy or sell carbon credit exchanges to reduce greenhouse gas emissions in developing countries.
The Kyoto Protocol on global warming sets rich countries' emissions reductions targets through 2012 but allows them to meet these by funding emissions cuts in poor countries. Buying carbon credits is considered cheaper than making domestic cuts.