Greening the Korean stacks through lessons from the EU Emissions Trading System: a socio-legal analysis

Kim, Hyonsu and Stech, Radoslaw 2012. Greening the Korean stacks through lessons from the EU Emissions Trading System: a socio-legal analysis. Vazquez-Brust, Diego and Sarkis, Joseph, eds. Green Growth: Managing the Transition to a Sustainable Economy Green Growth: Managing the Transition to a Sustainable Economy. Learning by doing in East Asia and Europe, Greening of Industry Networks Studies, vol. 1. Dordrecht: Springer, pp. 43-64. (10.1007/978-94-007-4417-2_3)

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Abstract

A reduction of the greenhouse gases emissions is one of the most important policies to tackle the long-term changes to the climate system. The emission trading schemes are flexible market mechanisms, which, if implemented wisely, can contribute to achieving sustainable green growth. The chapter will, firstly, review the relevant literature indicating the theoretical underpinnings and the crucial elements of an effective emission trading system. Secondly, it will analyse the legal framework of the European Union Emission Trading System and assess its achievements and challenges. Thereafter it will trace the legislative and institutional development of the Korean counterpart which is in the development stage. In its conclusion the chapter will suggest policy alterations which Korean government could implement to increase the efficiency of its scheme. It will argue that the Korean government should centralise the governance of its scheme to increase market liquidity and reduce a threat of favouritism. Moreover, Korea should contribute to developing effective mechanisms to combat carbon leakage and establish links with other similar schemes at the global scene.

Item Type:	Book Section
Date Type:	Publication
Status:	Published
Schools:	Centre for Business Relationships, Accountability, Sustainability and Society (BRASS) Law
Subjects:	J Political Science > JX International law J Political Science > JZ International relations T Technology > TD Environmental technology. Sanitary engineering
Uncontrolled Keywords:	Effective emission trading; Comparative study; European Union; Korea; Green growth
Publisher:	Springer
ISBN:	9789400744165
Related URLs:	Publisher Publisher
Last Modified:	17 Jun 2017 07:54
URI:	https://orca.cardiff.ac.uk/id/eprint/48355

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