Do More With Reuters
Partner Services

UPDATE 1-S.Korea says to set 2020 emissions target

Tue Aug 4, 2009 7:06am IST
 
Email | Print | | Single Page
[-] Text [+]

* South Korea says to opt for "mild" 2020 emissions goal

* Each target to cost between 0.3 and 0.5 percent of GDP

* More use of renewable energy, nuclear, efficient lighting (Adds details throughout)

SEOUL, Aug 4 (Reuters) - South Korea, Asia's fourth largest economy, has pledged to set one of three targets for carbon emissions by 2020, voluntarily joining Kyoto signatories in moving toward a firm commitment to roll back climate change.

The government said on Tuesday it would choose a 2020 gas emission target this year from three options: an 8 percent increase from 2005 levels by 2020, unchanged from 2005, or 4 percent below 2005 levels.

The country is one of Asia's richest nations and an industrial powerhouse. Emissions doubled between 1990 and 2005 and per-capita emissions of planet-warming carbon dioxide based on 2005 levels were 11.1 tonnes, the same as some European nations and the 17th largest among OECD members.

"Compared with developed countries, the targets may look mild," said Sang-hyup Kim, Secretary to the President for National Future and Vision at the Presidential Office.

"But these are utmost, sincere efforts, reflecting Korea's capabilities."

The government estimated each target to cost between 0.3 and 0.5 percent of GDP and will curb emissions by increased use of hybrid cars, renewable and nuclear energy consumption, energy efficiency with light-emitting diodes and smart grids.   Continued...

Construction workers work at a site as the sun sets in Chandigarh in this December 2006 file photo. REUTERS/Ajay Verma
Economy seen growing at 7.2 pct in FY10 - govt

The forecast reinforces the possibility that the government may start to unwind its fiscal stimulus in the budget.  Full Article 

Market Update

  • IndiaIndia
  • USUS
  • UKUK
  • Asia
  • Most Actives
Greece's Finance Minister Papaconstantinou addresses reporters during a news conference in Athens, January 20, 2010.
Eurozone agreed in principle to aid Greece

Euro zone countries have decided in principle to help debt-stricken Greece, a senior German ruling coalition source said.  Full Article 

FROM THE MARKETS

After the Bell
After the Bell

Reuters Money's Kshitij Anand updates you on the movers and shakers of the Indian stock market.  Blog 

SHOWCASE

"Claw Back" Pay
"Claw Back" Pay

Banks and regulators hope that threats to "claw back" pay if trades later blow up will rein in risk taking on Wall Street.  Full Article 

 
James Saft
Blaming Asperger's

COLUMN - Did Asperger's help cause the financial crisis?  Full Article 

 
Going Global
Going Global

With Volvo, Chinese eye M&A abroad to win at home.  Full Article 

 
Delivery Woes
Delivery Woes

Boeing 787 delivery schedule could slip - experts.  Full Article 

 
Central Banks Cautious
Central Banks Cautious

Reuters tracks the policies of the world's top central banks as the debate over global economic recovery rages on.   Full Coverage