Brussels, 08/07/2016 (Agence Europe) - On Friday 8 July, the EU launched a cooperation project with the Republic of Korea in the context of the Emissions Trading Scheme (ETS), which marks a new stage towards the development of a world market.
The project is valued at €3.5 million and is expected to run for three years. It will help to share the EU's experience with Asian countries of what it has acquired over more than 10 years in the area of the European ETS. It will also be used to help South Korea implement its own national carbons market, an instrument it developed at an experimental level in 2015.
In a press release, the Commissioner for Climate Action, Miguel Arias Cañete, stated “I hope that China's and now Korea's experience can be a trigger to expand emissions trading systems across the region”.
Recently, the Commission also announced it was stepping up its collaboration with China on emissions trading, with a new €10 million (EUROPE 11584) project. These two projects are financed out of the EU budget, as part of the cooperation partnership instrument with third countries. (Original version in French by Aminata Niang)