Key South Korea vote on ETS
South Korea is expected to set itself on a path to have an emissions trading scheme by 2015, with a special committee of the National Assembly on climate change due to meet later today to vote on legislation establish a cap-and-trade system in 2015, according to Bloomberg. The report said that if the approval is given, the proposal will then move to the Legislation and Judiciary Committee, and then to the assembly’s plenary session on February 16 for a final vote.
Bloomberg says work on the ETS for South Korea, the world’s ninth-largest carbon emitter, stalled last November after disagreements between opposition and the ruling Grand National Party, which is committed to reducing emissions by 30 per cent below business as usual by 2020. As in Australia, manufacturers are also opposed to the scheme, saying it would put them at a disadvantage to competitors in China, Japan and the US.
Bloomberg quoted Kang Sung Jin, economics professor of Korea University in Seoul, saying that while industry leaders are concerned over the timing of the legislation, the bill is likely to be passed. President Lee Myung Bak’s proposal would cap emissions for its 485 largest polluters, starting in 2012, as a lead-up to a cap-and-trade system in 2015.
Global wind energy booms
The amount of wind energy installed across the globe grew by more than 21 per cent, or 41 gigawatts, in 2011 to more than 238GW, according to the Global Wind Energy Council. Its annual data release revealed that 75 countries now boast wind power as part of their energy mix, with 22 of them, including Australia, having more than 1GW in capacity. The GEWC sid most new installations in 2011 were outside the OECD, with new markets in Latin America, Africa and Asia driving market growth. China remained the global market leader, installing 18GW to bring its total capacity to more than 62GW. India added 3GW and has just over 16GW, while Europe added 9GW to take its total to 94GW. Australia added just 234MW to take its total to 2.2GW. The GWEC said while new markets would open in 2012, the industry was unlikely to match its potential without a global price on carbon and other measures to “account for the real costs to society of conventional power.”