News Room - Business/Economics

Posted on 10 Sep 2009

South Korean industry wants weaker emissions target

South Korea's top businesses want the government to select the least restrictive option available for greenhouse gas emission cuts when it decides on a target later this year, according to a survey released on Wednesday.

 

Asia's fourth-largest economy last month pledged to set a target to reduce emissions by 2020, as the OECD's fastest-growing carbon polluter voluntarily joined richer nations in setting goals to try to curb the pace of climate change.

 

About two thirds of businesses surveyed by the politically powerful Korean Chamber of Commerce want the government to select the option calling for an 8 percent increase from 2005 levels of greenhouse gas emissions by 2020, saying it was best for the economy.

 

The other two options were: unchanged from 2005, or 4 percent below 2005. South Korea's emissions doubled in the 15 years to 2005, the fastest growth in the OECD.

 

"We should consider our business reality in determining the way and timing of reducing emissions, although greenhouse gas reduction is unavoidable as an international trend," Hwang In-hak, a senior Federation of Korean Industries official said in a statement.

 

Civic groups have called on the country to make deep cuts in greenhouse gas emissions, saying it will lead to new business opportunities and send a message to Asian neighbors to take ambitious steps to counter global warming.