South Korea's carbon reduction plans could spur business opportunities
South Korea has come up with proposals aimed at cutting the country's greenhouse gas emissions that could result in energy-saving business opportunities in the coming months.
Following President Lee Myung-bak's pledge to lead global efforts to tackle climate change at the extended Group of Eight meeting in Italy last month, the Presidential Committee on Green Growth has laid out three scenarios for achieving this.
Aimed at cutting greenhouse gas emission levels by 2020, the proposals have a reduction target of 21 per cent, 27 per cent and 30 per cent respectively.
Each of the target amounts could feature an eight per cent increase, a freeze or a four per cent cut based on the country's greenhouse gas emission levels in 2005.
The committee plans to take the proposals to the public before coming up with a mid-term target by the end of the year.
Energy-saving business opportunities could arise in the country once the plans are adopted because cutting emissions requires efforts from the government, commercial operators and the wider industry.
