South Korea plans the world's most ambitious carbon market

south korea city street
CC BY 3.0 Emmanuel Dyan

In a bid to become a leader in fighting climate change, South Korea plans to lower greenhouse gas emissions 30 percent by 2020. To reach this goal, they're launching the most aggressive carbon trading market in the world by 2015.

The South Korean Ministry of Environment plans on meeting with the industry leaders to prepare for the Cap and Trade program, Bloomberg reports.

Todd Woody, writing for Quartz, notes that the country's political parties have come together on the issue to face off against the industrial conglomerates known as chaebols:

Unlike the divisive partisan fights that doomed carbon market proposals in other countries or resulted in watered-down schemes—g’day, Australia!—South Korea’s political parties united to pass the carbon market proposal by a 148-3 vote in 2012. In doing so they steamrollered opposition from the country’s powerful chaebols.

The program may have economic tradeoffs. Read Woody's take here.