South Korea firming up Energy Efficiency

THE government of South Korea wants companies to set annual energy-saving and greenhouse gas-reduction plans to help efforts to combat global warming.

Companies will face fines of as much as 10 million won ($8,969) if the targets aren’t met, the South Korean Ministry of Knowledge Economy stated today.

The South Korean government said in November that it will cut emissions by 30% by 2020 under a “business as usual” scenario. The target corresponds to a 4% reduction from 2005 levels, according to Green Korea United, a non-profit group.

The first businesses to be subject to the plan will include factories that produced 25,000 metric tons of carbon dioxide and used energy equivalent to 2,400 tons of oil for the past three years.

A list of factories will be announced by September 2010 by the government and they estimate around 600 plants will be included, accounting for 70% of the nation’s greenhouse gas emissions.

Wednesday 14th April 2010

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