South Korea has outlined how it intends to meet its planned 1.44 per cent reduction in greenhouse gas emissions next year

A total of 366 firms in the industrial and power sectors have been picked to achieve an overall reduction of 8.3 million tonnes in carbon dioxide (CO2) equivalent emissions.

Under next year’s targets, the companies must cut emissions by 1.42 per cent from business-as-usual (BAU) levels. The firms will be permitted to emit 576.8 million tonnes of CO2 equivalent next year instead of a projected 585.2 million tonnes, said a Ministry of Knowledge Economy statement.

Industry will be required to cut 4.7 million tonnes of CO2 equivalent in 2012, 1.37 per cent below its BAU level, while the power sector will need to cut 3.6 million tonnes of CO2 equivalent, or 1.50 per cent below its BAU level, the statement said.

Firms that fail to meet their targets could be fined up to 10 million won ($8485), it added.

These emission caps are likely to be used as a baseline when the Asian nation introduces its emissions trading scheme in 2015, and to help it meet a target of a 30 per cent cut in emissions by 2020, reported Reuters.

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