A coal-fire power plant in Incheon, a port city 40 kilometers west of Seoul, generates steam on Dec. 16, 2020. (Yonhap)
SEOUL, Dec. 30 (Korea Bizwire) — South Korea’s large companies will be eligible to receive incentives in the allocation of greenhouse gas emissions rights if they help small and medium-sized enterprises (SMEs) to reduce their emissions of greenhouse gases.
The Ministry of Environment announced on Wednesday that it will revise guidelines concerning the acknowledgement of greenhouse gas reduction performance, taking effect on Dec. 30 and Jan. 1, respectively.
One of the two revised guidelines stipulates that if company A helps company B to reduce emissions of greenhouse gases by making facility improvements, company A will be acknowledged as having reduced its own emissions.
This incentive aims to encourage large companies to help small and medium-sized enterprises to reduce their greenhouse gas emissions.
The ministry noted that if companies subject to the allocation of emission rights build greenhouse gas emission-reducing facilities for SMEs, it would subsidize 50 to 70 percent of the project cost.
If companies reduce greenhouse gas emissions by voluntarily participating in RE100, a campaign designed to encourage businesses to convert to 100 percent renewable energy, it would also be acknowledged as their own reduction performance.
Even when businesses use electricity produced by waste heat, it would be deducted from indirect emissions.
If businesses reduce greenhouse gas emissions by recycling waste plastics or avoiding the incineration of waste plastics, it would also be acknowledged as their own track record.
J. S. Shin (js_shin@koreabizwire.com)
