EU-Korea Emissions Trading System cooperation project launches a series of activities to benefit Korean businesses

Seoul, 5 November

The EU-Korea cooperation project supports the implementation of the Korean Government's national Emissions Trading System.  Officially launched on the 8th of July this year, this three year project aims to share the EU experience and knowledge built from the past 10 years of ETS operation with key stakeholders in Korea. It is composed of 3 main components: intelligent support, ETS simulation and carbon price modelling. Among others, project activities include  EU study assignments and workshops on ETS compliance and trading strategies, BM allocation and carbon price modelling.

Today, the Delegation of the European Union to the Republic of Korea, jointly with the Ministry of Strategy and Finance of the Republic of Korea, announce a series of project activities relevant to Korean business.  

The EU Ambassador to the Republic of Korea, H.E. Gerhard Sabathil said: "Climate change is one of the key priorities in our bilateral relationship with the Republic of Korea. We have shown that an ETS is a business-friendly way of delivering emissions reductions and stimulating investments in the low carbon sector. With more than a decade of experience, the EU is well placed to help Korean businesses comply with the ETS and, where applicable, the future ETS in the People’s Republic of China."

The Director General Yongchun Baek, the Ministry of Strategy and Finance, said: "A smooth implementation of the Korean Emissions Trading System requires shared efforts by the Korean government and industry. The Korean government will operate the KETS in the direction of providing entities investing in renewable energy and energy efficiency with incentives in emissions allocation, in order to help industry reduce GHG emissions and innovate at the same time. Emissions Verification and Trading Strategy Workshops will help in building trust in ETS policies, increasing the policy receptivity to industries, and facilitating the Korean carbon market."

Dedicated activities for Korean businesses, organized under the EU-Korea cooperation project will include:

• ‘New Greenhouse Gases Mitigation Technology Workshops’ to help KETS entities implement more profitable and sustainable energy efficiency and low carbon solutions through learning from best practices on proven cost-effective technologies, not yet widely applied. The first workshop takes place at the Korea Energy Show 2016 at KINTEX, Korea on Tuesday, 8 November 2016. Online registration is open on the Korea Energy Show website (http://www.koreaenergyshow.or.kr/guide/seminar.aspx, please go to "Apply to participate" menu and click "Seminar registration"). Contact at jha5006@naver.com/02-3407-1564 (Korea Environmental Preservation Association) or info@kets-project.eu/02-870-4901 (EU-Korea project team) for email or telephone based registration.
• ‘Verification Workshops’ to equip verifiers with advanced skills and knowledge to strengthen the KETS compliance cycle and prepare for future requirements, through case studies and training. The first workshop will take place in Seoul in January 2017, with registration through the project website (address below) from December 2016.   
• ‘ETS Compliance and Trading Strategy Workshops’ to help KETS entities develop and implement effective compliance and trading strategies, through ETS simulation sessions and learning from best practice case studies. The first workshop will take place in Seoul in February 2017, with registration through the project website from January 2017.  

For further information on the project, please go to: www.kets-project.eu .

Media contacts:

EU Delegation to Korea: Jungyoon.KIM@eeas.europa.eu

EU-Korea ETS Project: hbae@kets-project.eu