Global Warming

Nation Must Join to Efforts to Cut Greenhouse Gas Emissions

People have often complained that South Korea is turning into a subtropical country due to global warming, especially when it gets more hot and humid with frequent rains as it did this summer. Meteorologists, however, dismiss that complaint, saying it is too early to prove such climate change for now. But many of them have already predicted that the weather on the Korean Peninsula will be similar to that of Southeast Asian countries before the end of the 21st century.

No one can question long-term climate change is occurring, although experts are divided over the pace of the phenomenon. Some expect that local farmers will no longer be able to grow apples as early as 2030. Countries around the world are now making joint efforts to avoid the effect of rapid global warming by reducing greenhouse gas emissions.

A total of 169 countries have so far ratified the Kyoto Protocol to the United Nations Framework Convention on Climate Change. The treaty came into force in 2005 after countries began negotiations for it in 1997. South Korea is also a signatory of the accord. But as it obtained developing country status, it was exempted from the obligation to reduce greenhouse gas emissions to 5.2 percent below its 1990 level during the 2008-12 period. However, the nation will have to prepare for such an obligation after the exipiration of the privilege.

Despite the exemption, South Korea faces strong pressure from within and without because it is rated the 10th largest producer of carbon dioxide due to its rapid industrialization and economic development. The government has begun to take preparatory steps to voluntarily cut green house gas emissions in a move to avoid climate calamities before it is too late.

One of the latest steps is a plan to open a carbon trade market by the end of this year. The government, corporations and other economic players will be allowed to buy or sell carbon dioxide emission rights in a move to prevent global warming. We welcome the plan for the carbon credit exchange, which is seen as a pollution-cutting strategy using market mechanisms.

The administration will introduce the global Clean Development Mechanism (CDM), in which companies can choose between reducing their carbon dioxide emissions and paying to continue to pollute. The CDM is designed for companies to contribute to the reduction of global greenhouse gas emissions and sell the credits on international carbon trade markets. The size of the global carbon trade markets was estimated at $30 billion last year, and it is expected to grow to $150 billion by 2010. The local market, if opened, will account for 11.8 percent of the global exchange volume.

The Financial Supervisory Commission (FSC) also announced a plan to allow asset management firms to raise funds that can invest in carbon dioxide emission rights. The fostering of carbon credit funds is predicted to help the nation finance the reduction of carbon dioxide emissions. In addition, the municipal government of Gwacheon, south of Seoul, plans to introduce a ``personal carbon allowance’’ in a bid to encourage residents to conserve energy and reduce their own emission of greenhouse gases.

We hope these latest measures will help all economic players join international efforts to prevent global warming and avoid the potential damage arising from climate change.