• Environmental and Resource Economics Review
• /
• v.26 no.4
• /
• pp.577-612
• /
• 2017

In response to climate change, Korea is attempting to shift the paradigm of energy and climate change policies by introducing carbon pricing based on market mechanisms. While policy adoption is proceeding at a rapid pace, the introduction of carbon pricing has been faced with great opposition from industry. This study measures to what extent Korean companies understand and accept carbon pricing, using data from a questionnaire survey covering energy consuming companies in 2012, when discussions between the government and such companies about the introduction of a domestic emission trading system were active. It further identifies how preparations and practices for carbon and energy management of companies correlate with their policy understanding and acceptance. The analysis results show that the surveyed companies indicate moderate understanding of, as well as resistance to carbon pricing policies, while appreciating the economic incentives and accepting the mandatory regulations in this phase. Companies' understanding is more related to characteristics, i.e., sector, size, etc. than external pressures. This study found that the extent to which companies understand policy is the essential factor in their policy acceptance and related practices. In particular, understanding of carbon policy significantly influences their managerial practices and voluntary activities for carbon and energy practices. This study substantiates the correlation between the level of policy understanding of a company and its carbon and energy practices - something that all countries seeking to introduce carbon pricing in response to climate change should consider prior to policy actually being implemented; in other words, enhancing the understanding of major policy subjects of the new instrument is a key policy strategy that should be elaborated as it will lead to better performance of companies and smoother policy implementation.

• Journal of Environmental Policy
• /
• v.14 no.2
• /
• pp.101-131
• /
• 2015

A cap-and-trade program accounting for 60 percent of total national greenhouse gas emissions was launched in South Korea in 2015. Academic literature expects that the implementation of such a policy is likely to adversely impact income distribution among various socioeconomic groups in developed countries. South Korea is challenged by equity issues, as well circumstances, the distributional implications of carbon pricing policies need to be examined and reflected in the design of the program prior to implementation in order not to exacerbate social inequity. Using environmentally extended input-output analysis together with household expenditure data, this study finds that a carbon pricing policy will be regressive in South Korea, but the extent depends on whether relative burdens of a carbon pricing policy are measured based on current incomes or proxies of permanent incomes. Along with poor households, this paper finds that elderly and urban households will be more adversely impacted in South Korea. These burdens can be relieved if a small fraction of the revenue is redistributed to households.

• Environmental and Resource Economics Review
• /
• v.7 no.2
• /
• pp.137-169
• /
• 1998

본 연구는 탄소세 부과가 우리 나라의 에너지 및 국민 경제에 미치는 충격의 영향분석을 목적으로 하고 있다. 이를 위해 에너지-경제 연계 계량경제모형을 수립하였는데 본 모형은 기존의 거시경제모형을 수정한 후 에너지 모형과의 연계를 통해 에너지 부문의 충격이 경제부문에 미치는 효과를 정량적으로 파악이 가능하도록 하였다. 본 연구에서는 탄소배출량에 대한 규제가 탄소세 부과를 도입하도록 유도하고 에너지가격의 상승과 에너지수요를 감소시킴으로써 경제부문의 생산을 위축시키는 흐름도를 가정하고 있다. 분석의 과정에서 탄소세 부과가 에너지 및 국민경제 부문에 미치는 효과의 측정은 에너지가격 및 수요변화, 국내총생산액의 변화 등을 통하여 수행되었다. 분석 결과를 요약하면 탄소 배출량의 안정화를 도모하기 위해서는 탄소세가 상당히 높게 부과되어야 하며 전력가격 및 에너지가격의 상승에 미치는 효과와 국내총생산액 등 주요 경제 변수에 미치는 충격이 매우 심각한 것으로 나타났다. 본 연구에서 개발된 계량경제모형을 통하여 여러 가지 정책수단에 대한 시뮬레이션이 가능하게 됨으로써 정책의 효과분석 및 동 분야의 향후 연구에도 많은 도움이 될 것으로 판단된다.

• Environmental and Resource Economics Review
• /
• v.22 no.4
• /
• pp.759-784
• /
• 2013

Participants can use the allowances and offsets for implementing the compliance in the Emissions Trading Scheme(ETS). There are alternative commodities which are different prices it gives the opportunities to reduce the compliance costs and get the arbitrage. This study analyzes the price driver of spread which is the difference between EUA and sCER using AR-GARCH model, EUA and CER during the Phase 2 in EU ETS. The results show that there are common elements which impacts the EUA and sCER and also different elements between them. EUA and sCER get the effects from energy price and economic criteria such as coal price and financial crisis as common elements. However them get the effects from electric price, policy criteria such as restricted CERs and difference price between EUA and ERU price as different elements. The results shows that spread will be widen if energy price increase, especially oil and electric price give more impacts the spreads. This study has the means that it explains the reason why the spreads will broaden sharply in 2012. And it also suggests the price driver of spread during the whole period of Phase 2. In addition, this study shows that political aspects maybe become the main criteria of price change with structural elements shch as energy price in Korea ETS which starts in 2015.

• Bulletin of Korea Environmental Preservation Association
• /
• s.418
• /
• pp.16-18
• /
• 2015

온실가스 감축목표의 달성을 위한 정책은 에너지 가격구조의 개선을 통해 국가 경제의 탄소 집약도를 낮추고 에너지 효율을 제고하는 방향으로 추진되어야 할 것이다. 우리나라는 대규모 배출권에 대하여 배출권 거래제를 시행하고 있으므로, 이를 보완하는 차원에서 배출권 거래제의 적용을 받지 않는 배출원에 대하여 탄소세를 부과하는 정책을 추진할 필요가 있다. 온실가스 감축을 위한 규제(탄소세, 배출권 거래제 등)는 기존세제 구조의 왜곡을 해소하거나 교역조건 개선 효과가 클 경우 경제성장에도 긍정적 영향을 미칠 수 있다.

• Transactions of the Korean hydrogen and new energy society
• /
• v.35 no.1
• /
• pp.1-13
• /
• 2024

Hydrogen is emerging as an essential material for carbon neutrality. In particular, Korea needs 22.9 million tons of imported clean hydrogen by 2050 to achieve carbon neutrality. However, a large amount of carbon is emitted during the import process, and market regulations are being discussed. This research estimates the carbon emissions of importing green hydrogen from Vietnam, Australia, and the United Arab Emirates to Korea, and calculates imported green hydrogen prices under carbon emission market regulations.

• Journal of Environmental Policy
• /
• v.11 no.3
• /
• pp.97-122
• /
• 2012

This article analyzes the effects of energy price increase induced by GHGs mitigation policy on automobile industry empirically. An increase in energy price due to GHGs mitigation policy does not have a significant effect on the production and the value-added in automobile industry. Electricity price has a negative effect on the production and the value-added in automobile industry, but it is not significant. However, employment is significantly affected by a change in electricity price. Export is also affected negatively, but the effect is insignificant. These results imply that GHGs mitigation policy such as carbon tax might affect adversely the employment in automobile industry. Especially, their effects on employment are significant. Therefore, some moderating measures to relieve the adverse effects on employment in automobile industry should be called upon with the implementation of GHGs mitigation policy.

• Journal of Environmental Policy
• /
• v.5 no.1
• /
• pp.25-43
• /
• 2006

This study is intended to develop an economic feasibility methodology of A/R CDM projects based on two project cases in China and Vietnam and to evaluate the project profitability from the view point of credit type selection between temporary CER (tCER) and long term CER (lCER) as well as from the aspect of CER prices by using indicators IRR, the year in which a single year profit is achieved and the year in which the accumulated deficit is cleared. For A/R CDM projects of industrial plantations, tCER is more suitable than lCER. Profitability of A/R CDM projects depend on the price of wood and CERs. In the case that the project participants take responsibility for replacement of credits to make the price of their CERs at higher levels, thus the project may not be feasible as a CDM project. However, minimum required tCER prices without replacement are 11US$/t $CO_2$, thus the project may be feasible under the future carbon market scheme.

• Journal of Environmental Policy
• /
• v.10 no.2
• /
• pp.45-60
• /
• 2011

An aim of this paper is to test four hypotheses on price volatility in the $CO_2$ emission markets focusing on European Climate Exchange(ECX) in the EU Emission Trading Schemes(EU ETS) and Chicago Climate Exchange(CCX). I expect that, due to an influx of market information, a differently designed exchange market would bring a different price volatility, and various types of emission permits in the same exchange market would result in the same effects on the price volatility. Major findings are that the price volatility is same regardless of the types of emission exchange markets and emission permits comparing the rate of returns. However, comparing the GARCH variance, the volatility between ECX EUAs and CCX-CFIs and the volatility between EUAs(CERs) futures and daily futures are different with the exception of the volatility between EUAs futures and CERs futures. In conclusion, the price volatility depends on the types of exchanges and the types of emission permits.

• Environmental and Resource Economics Review
• /
• v.12 no.2
• /
• pp.275-298
• /
• 2003

This paper compares the economic effects of climate policy options in Korea. The impacts and implications of carbon and Btu tax schemes are analyzed using the META Net modeling system, which was developed at the Lawrence Livermore National Laboratory (LLNL). Findings indicate that carbon tax is more cost effective compared to Btu tax, but this does not necessarily mean the former is more desirable than the latter. Energy market stability and national energy security is equally important in choosing policy options. Moreover Btu tax is more effective in reducing energy consumption in general. It reduces not only carbon intensive energy sources, but non-fossil fuel like electricity. Korean economy consumes too much energy and energy efficiency is very low compared to other OECD countries. So the reduction of energy demand growth should be the first priority of the national energy policy in Korea.