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Korea approves Phase 3 allocation plan (2021-2025)
REEI 2020/10/11
On 29 September 2020, the Republic of Korea approved the Korea Emissions Trading System (K-ETS) Phase 3 allocation plan, which will take effect next year and run until 2025.
The reforms would see ETS emissions decrease by 4% in the third trading phase compared to Phase 2 alongside expanded coverage, increased auction shares, and tightened power sector benchmarks. The allocation plan comes at a time when Korean Allowance Unit prices show signs of stabilizing after halving in the past months as a result of external demand shocks from reduced power sector emissions and the economic impacts of COVID-19.
According to a preparatory document released by the Ministry of Environment, certain industries not previously covered will be included in the K-ETS starting 2021, increasing the system’s coverage to a total of 685 companies accounting for 73.5% of national emissions. As a result, total average annual allowances entering the system in the third phase will rise moderately from 592 to 609 million despite a reduction in ETS emissions over 2021-2025.
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