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- Measures to Materialize the Carbon Emissions Trading System Based on the Basic Law Concerning Low Carbon Green Growth -

  • Public Land Law Review
  • Abbr : KPLLR
  • 2010, 49(), pp.265-298
  • Publisher : Korean Public Land Law Association
  • Research Area : Social Science > Law

lee jae sam 1

1경원대학교

Accredited

ABSTRACT

The carbon emissions trading system is meant to allocate the quantity of air pollutants to an enterprise allowing it to discharge emissions within the permitted limit. The system allows an enterprise to buy or sell the quota from or to other enterprises who have not used up the quota or who wish to discharge the pollutants exceeding the quota. Korea has opted to pursue green growth as part of its vision and the motive power of next generation growth, and various policies are being promoted in line with it.. The enactment of the Basic Law Concerning Low Carbon Green Growth reflects such a policy switch. That is,, the Law prvides for the emissions trading system. However, the Basic Law Concerning Low Carbon Green Growth lacks legal and institutional devices, as it simply offers a basis for the introduction of the emissions trading system and does not provide for the methods of creating and operating the emissions trading system by delegating the authority to other laws. For this reason the Basic Law Concerning Low Carbon Green Growth should be supplemented by stipulating not only the basis introducing the carbon emissions trading system but also the detailed requirements for implementing the said system including the purposes, extent of control, trading procedures and the operation of trading institutions. Also measures are to be sought out to activate the local carbon market in anticipation for the rapidly growing international carbon market. In other words the carbon emissions trading system based on the Basic Law Concerning Low Carbon Green Growth will need the following detailed institutionalized systems. Firstly, the target should concretely be established for reducing greenhouse gases in order to promote low carbon green growth. An appropriately targeted level of reduction should be determined so that the carbon market may respond with an optimum price signal. Secondly, the allowable level of carbon dioxide discharge should be established, specifying the range of greenhouse gases, reduction level, facilities, and regions when implementing the emissions trading system. Thirdly, the Government and the provincial self-governing bodies should establish a comprehensive measures to reduce greenhouse gases,, as they are a responsible administrator for the overall control of carbon emissions. In particular, the Government should be able to maintain the normal function of carbon market while protecting the interests of those market players buying and selling under the carbon emissions trading system. Fourthly, preparatory work should throughly be done including the precise estimation of each enterprise's emissions discharge. And then transfer documents such as a transfer contract should be drawn up between the legitimate trading partners, and the duly established contracted should be submitted to Minister for the Ministry of Environment for confirmation. Computerization is also required to record such transactions while operating the carbon emissions trading system. Fifthly, a carbon emissions trading institution should be established to allocate the emissions discharge quota, evaluate the discharge reports, manage the facility and trading accounts and finally to organize both domestic and international report arising from carbon emissions transactions. This will enable the establishment of a linkage with the international carbon market, vigorously activating the carbon emissions transactions not only in the local carbon market but also in the international carbon market. Sixthly, systematic management and continuous supervision should be performed in order to successfully implement the carbon emissions trading system. It is therefore necessary to ensure thorough implementation of the total emission limit system and effectiveness of the carbon emissions trading system by applying administrative sanctions against those enterprises neglecting their duties.

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