The Republic of Korea and the European Union have expanded their relationship significantly in the last decade,
resulting in the establishment of a Strategic Partnership in 2011 and the signature of three bilateral agreements -
a political, crisis management and trade agreement. Climate change is an essential part of this long standing cooperation.
The EU-Korea ETS Project opens a new chapter in this relationship. It aims to share the best technical expertise and lessons learned over the past decade of the EU's ETS operation, the world's first and largest emissions trading system. By assisting Republic of Korea in the implementation and operation of its ETS, we aim to set a positive example for other countries in the region.
I welcome this joint project in partnership with the Ministry of Strategy and Finance, to further strengthen our bilateral relations and promote a cost-effective model of achieving greenhouse gas reduction targets.
Dr Joëlle Hivonnet
Minister Counsellor , Chargé d'affaires a.i.
Delegation of the European Union to the Republic of Korea
The Korean government submitted its INDC with a national commitment to reduce greenhouse gas emissions by 37% below BAU by 2030.
Korea was the first country to introduce a national ETS in Asia in 2015, and re-established the governance structure for implementing KETS in June 2016 in order to maximize governmental capacity to achieve the reduction goal. The Korean government also plans to encourage investments in GHG reductions and promote 'new energy' business development. This will be a driving force for Korea to transform to a low carbon economy. If the EU's over 10 years of experience in ETS is actively shared with us through this technical assistance project, it will help KETS to become a successful policy for reducing GHGs in Korea. This technical assistance project will also become a valuable experience for Korea in the areas of international linking under the new climate regime.
I wish the best for the project, to be successful in the future
Sang-Mok Choi Vice Minister, Ministry of Strategy and Finance, Republic of Korea