"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 and we are both committed to implement the SDGs.
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 the Republic of Korea in the implementation and operation of its ETS, we want to show positive results for other countries in the region.
I welcome this joint project in partnership with the Ministry of Strategy and Finance Environment, to further strengthen our bilateral relations and promote a cost-effective model of achieving greenhouse gas reduction targets. We need to lead by example."
Dr. Michael Reiterer Ambassador of the European Union to the Republic of Korea
To meet the national GHG reduction target of 37% below the 2030 BAU emissions, the Republic of Korea launched the first nation-wide Emissions Trading System (ETS) in Asia.
Started in 2015, the 1st implementation phase of the Korean Emissions Trading System is finished now and the 2nd phase began this year.
Through this project, I hope the European Union and the Republic of Korea build a strong co-operative relationship together in the area of emissions trading and climate change, by mutually sharing the EU's over 10 years of ETS operation know-how and Korea's ETS implementation experience. I also hope this project becomes the cornerstone facilitating market linking and emissions trading between countries on the international level.
I wish all the best for the successful implementation of the EU-Korea ETS Project.
Byungok AHN Vice Minister, the Ministry of Environment of the Republic of Korea