• International Commerce and Information Review
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• v.10 no.2
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• pp.305-323
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• 2008

Climate change is one of the broadest and the most complex issues of international environmental cooperation. Concern about climate change has been steadily increasing and has become a worldwide issue. According to IPCC(Intergovernmental Panel for Climate Change)'s recently report, global warming has accelerated vest serious problems. GHG(Green House Gas) emissions trading schemes, including the Kyoto mechanism that spread to solving the problems. Based on the evaluation on GHG emissions trading schemes, we also find some policy implications on the future development of emissions trading the conventional air pollutants in Korea which start to 2007. The regulatory authority needs to make clear how to allocate allowances to new entrants and also to keep the balance between the opportunity costs of reduction between potential shutdown facilities and new entrants. Under the current rule that does not allow shutdown credits, an equivalent level of allowances needs to be allocated to new entrants free of charge. We believe our policy recommendations may be useful not only for Korea but also for a the other countries, since they are facing a similar policy environment as Korea, particularly in the case of climate change.

• Proceedings of the Korea Technical Association of the Pulp and Paper Industry Conference
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• 2011.10a
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• pp.217-229
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• 2011

• International Area Studies Review
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• v.15 no.2
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• pp.427-447
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• 2011

In global, there is an active movement to reduce the green house gas. Allowance and carbon tax are the one of effective alternatives to mitigate green gas effect. In addition, the clean development machinism(CDM) can be applied between the ANNEX 1 and developing countries. It could be an one good solution to reduce the GHG. In the Northern Asia, the CDM can be the one of the possible solution to reduce the GHG because the Japan has a responsibility to reduce GHG and the China and Korea have a room to supply CDM credit. It is suffice to say that if these three countries decide to collaborate, the new international carbon market can be established that can be the similar form of EU-ETS. It is clear that few barriers must be removed to launched such new form of carbon market. Protection of domestic technology, excessive financial request of business opportunities by CDM, and irrational needs of carbon credit that created by CDM, listed constraints define as an one single word, the national selfishness. Once it is cleared, there is high possibility that the Northern Asia CDM trading system can be launched.

• Environmental and Resource Economics Review
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• v.28 no.3
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• pp.385-413
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• 2019

This study examines the determinants of net export of electricity among 30 European countries sharing electricity grid during the period of 1990~2014 by separating the sample period before and after 2005 in which ETS was introduced in Europe. The empirical method used in this study is generalize least squared one considering both heterogeneous and serial correlation in the balanced panel data. According to the empirical results, after 2005 introducing the ETS, holing energy resources, concentrating only on few electricity generation resources, and nuclear electricity generation had played more important role in net export of electricity, while renewable energy had negative effect on net export of electricity and coal and gas generation have no effect on net export after introduction of ETS in Europe probably because of high environmental cost. The policy implication of the results would be that reconsidering each country's optimal generation mix strategy and its role in case freely trading electricity.

• New & Renewable Energy
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• v.1 no.3 s.3
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• pp.7-13
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• 2005

기후변화협약이 지난 2월16일 교토의정서의 발효로 새로운 국면을 맞이하게 되었다. 선진국들의 감축활동의 본격시작, EU의 배출권거래의 시작, CDM/JI사업을 통한 크레딧 확보를 인한 탄소기금의 형성 등 이제는 기후변화협약의 협상에 대한 논의에서 온실가스 감축을 위한 실질적인 이행이 시작되고 있다. 이산화탄소가 거래수단이 되는 새로운 경제체제가 만들어지고 있는데, 온실가스 감축실적이 양(+) 또는 음(-)의 추가적인 경제가치를 가지게 된다. 신재생에너지는 높은 초기투자비용에 의한 어려움을 가지고 있는데, 기후변화협약과 이에 의한 CDM사업의 활성화로 새로운 기회를 맞이하게 되었다. 신재생에너지 부문은 고유가와 온실가스 크레딧의 수요 증대로 시장의 수요와 기회가 증대되고 있지만, 이에 대하여 국내 입장에서 검토하여보고 이러한 기회가 어떤 의미를 가지게 되는지를 되짚어 보고자 한다.

• Korea Trade Review
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• v.48 no.4
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• pp.189-208
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• 2023

This paper analyzed the dynamic conditional correlation between the Korean ETS market, energy market and stock market. This paper conducted an empirical analysis using daily data of Korea's carbon credit trading price, WTI crude oil futures price, and KOSPI index from February 2, 2015 to December 30, 2021. First, the volatility of the three markets was analyzed using the GARCH model, and then the dynamic conditional correlations between the three markets were studied using the bivariate DCC-GARCH model. The research results are as follows. First, it was found that the Korean ETS market has a higher rate of return and higher investment risk than the stock market. Second, the yield volatility of the Korean ETS market was found to be most affected by external shocks and least affected by the volatility information of the market itself. Third, the correlation between the Korean ETS market and the stock market was stronger than that of the WTI crude oil futures market. This paper analyzed the correlation between the Korean ETS market, energy market, and stock market and confirmed that the level of financialization in the Korean ETS market is quite low.

• Bulletin of Korea Environmental Preservation Association
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• s.379
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• pp.14-29
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• 2009

최근 세계 경제는 사상 유래를 찾기 힘든 경제위기에 홍역을 앓고 있다. 국제유가를 비롯한 원자재가격은 수급불균형과 정치적 이슈, 그리고 투기자본의 유입이 어우러져 급등락을 거듭하고 있다. 또한, 지구온난화를 막기 위해 국제사회에서 추진하고 있는 기후변화협약도 큰 어려움을 겪고 있다. 선진국들은 배출권 거래제도 시행, 탄소세 도입 등을 통해 본격적인 환경 무역시대가 도래에 대비하고 있으며, 포스트 교토체제에 대한 협상도 본격화 되고 있어 대응이 시급한 실정이다. 자원 환경위기의 시대에 녹색성장은 불가피한 선택이 되었으며 우리나라에서도 온실가스 감축을 위해 많은 노력을 하고 있다. 정부에서는 탄소포인트제도 도입과 10대 녹색기술 산업 육성, 그린 뉴딜을 통한 녹색일자리 4만 3천개 창출 등 기후변화 대응을 위한 정책들을 추진하고 있으며, 또한 저탄소 녹색성장의 한 주축으로 신재생 에너지 기술개발 및 보급의 확대를 통해 세계시장 선점을 위해 매진하고 있다. 환경부에서는 폐기물에너지화, 기후변화대응, 환경산업육성 등 '저탄소 녹색성장'을 이끌 사업과 '경제 살리기'에 역점을 두고 2009년도에는 환경부 소관예산 '08년 예산 3조 5,914억원 대비 5,008억원(13.9%) 증액된 총 4조 922억원을 투자할 계획이다. 이에 본지에서는 지난호에 이어 저탄소 녹색성장을 위한 녹색자원 기술 육성II로 주제를 잡고 "온 국민이 참여하는 기후변화 대응 정책 추진", "녹색성장 정책 추진에 있어 기업체 지원방향", "우리나라 신재생에너지 기술개발현황과 앞으로의 과제", "가정에서 온실 가스 줄인만큼 혜택받는 탄소은행"등에 대하여 살펴보고자 한다.

• Journal of Korean Society of Forest Science
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• v.96 no.3
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• pp.235-244
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• 2007

Potentials of AR CDM project in North Korea are assessed and feasible land area for AR CDM project is estimated. According to our estimation, There could be 515,000 hectares of forest lands deforested before 1990 in North Korea and 8,854 hectares at the regional level of Gae-sung City, which are eligible for AR CDM project, based on researches of satellite image analyses conducted from 1980's to 1990's. A baseline scenario assumed 44.73 tones of carbon stored in soil per hectare with no vegetation above ground remained during the project period following the default value of IPCC's Good Practice Guidance for LULUCF considering soil structure, climate and land use of the project area. The scenario also assumes that black rocust (Robinia pseudoacacia) is planted and the CDM project is implemented for 20 years. The costs for producing greenhouse gases CER (certified emission reduction) credits include costs of tree planting and forest management, and costs of project negotiation and transactions for issuing the credits. It is estimated that 376 tones of carbon dioxide per hectare can be accumulated and 503 temporary CER credits per hectare and 265 long-term CER credits per hectare could be produced during the project period. It is estimated to cost US$ 4.04 and US$ 7.67 to provide one unit of temporary credit and long-term credit, respectively. These values can be regarded as the cost of conferring emission commitment of a country or a private entity. However, it is not clear which option is better economically because the replacement periods are different in these two cases.

• Environmental and Resource Economics Review
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• v.13 no.2
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• pp.271-300
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• 2004

We investigate the two recent simulations of the proto-type domestic carbon emission trading system in Korea and draw some policy implications. The first simulation includes the 5 electric power companies based on baseline and credit. But the second one is with the 7 energy-intensive companies based on cap and trade. The voluntary approaches in this paper revealed the instability of market equilibrium, i.e., price volatility or distortion, excess supply or demand. These phenomena stems from excess incentives to the players, asymmetric information, players' irresponsible strategic behaviors, and non acquaintance of trading system. This paper suggests the basic design for domestic carbon trading system in future and a stepwise introduction strategy for it including the incentive auction scheme, the total quantity of incentive needed, and how to finance it. Meantime, the further simulations on the various sectors based on voluntary participation must be essential for learning experiences and better policy design.

• Environmental and Resource Economics Review
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• v.19 no.3
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• pp.509-546
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• 2010

Although coal has been utilized as major fuel, it is known as 'most climate unfriendly' fuel. Carbon tax or tradable permit policy has been discussed as major measure for reducing production and consumption of coal, but it might be more efficient to remove subsidy on coal production and consumption. This study examines economic and environmental effects of recycling revenue from reducing subsidy on the use of coal to foster climate friendly fuel (ligneous biomass) by price subsidy or increased public expenditure. A static CGE model was applied to analyze the welfare consequences and economic impacts of two policy measures. The result shows that price subsidy policy is more desirable than creation of public demand in terms of welfare as well as overall economic impacts.