SEOUL -- South Korea launched Asia's first nationwide carbon emissions trading scheme in January. It is part of the government's efforts to reduce greenhouse gas emissions 30% by 2020.
The creation of the world's second-largest cap-and-trade system, after the European Union Emissions Trading Scheme, created a lot of excitement around the world. Locally, concerns about the lack of trading and the government's top-down approach are mounting. Critics question whether the country can possibly meet its ambitious emissions reduction target.
