Rather than the feared depression in trade flows, the EU’s Carbon Border Adjustment Mechanism (CBAM) looks set to become a powerful climate diplomacy tool that will encourage Asian economies to clean up their industries, a new simulation finds.
The report calls for a phased reduction in international credit use within K-ETS, increased focus on domestic emission reductions, and alignment with best practices from systems like the EU ETS. Strengthening the environmental integrity of K-ETS is essential to achieving South Korea’s climate goals and ensuring the global credibility of the country’s climate action by putting in place and implementing robust and effective policies.
A new report reveals that cookstove carbon projects eligible for the Korean Emissions Trading System are at risk of issuing 18 times more credits than they should, echoing past EU carbon market mistakes