The South Korean government is considering introducing carbon tax in an effort to meet its target for cutting carbon dioxide emissions, local media reported Tuesday.
South Korea in November last year pledged to cut greenhouse gases by 4 percent by 2020 from the emission levels in 2005, which equals a 30 percent slash from the expected emission levels in 2020.
"South Korea laid the groundwork for carbon emissions reductions last year, and it now needs to concretize its emissions cut target. (The government) is considering the introduction of carbon tax and environment tax," an unnamed government official was quoted as saying by Seoul's Yonhap News Agency.
In a similar move, Seoul is currently preparing to launch a three-year pilot greenhouse gas emissions trading scheme as early as late this year, with the Korea Exchange (KRX), the country's bourse, serving as a platform for carbon emissions trading, also known as cap and trade.