녹색성장기본법의 친환경적 실현을 위한 법적 수단 - 기후변화 대응 시장적 메커니즘을 중심으로
Legal Measures to Fulfill Eco-Friendly Implementation of the Proposed Basic Law on Green Growth - Market Mechanisms for Responding to Climate Change
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Abstract
This paper aims at evaluating the Proposed Basic Law on Green Growth as a major climate change legislation in Korea in general, and at addressing the practicability of numerous market mechanisms to carry out the law in particular. The comprehensive domestic law and policy of climate change is necessary. Regardless of the existence of international obligations to reduce carbon emissions, setting the proper level of emission targets and managing the carbon trading would be proper at this stage. The Korean government’s plan to introduce a cap-and-trade emission trading scheme, if supplemented by a baseline-and-credit scheme, will facilitate the flexible implementation. Different types of market mechanisms are available for Korea to participate. The Clean Development Mechanism (CDM), including Afforestation and Reforestation CDM, is a main source for Korean companies to participate in international emission trading markets. Voluntary carbon markets, such as Chicago Climate Exchange, are expected to grow rapidly, so a proper linking law provision must be included in order for Korean companies which obtained voluntary emission credits to use such credits towards fulfillment of their obligation, if emission targets are set against them later. The role of the financial industry in shaping climate policies will be significant through requiring companies to report carbon emissions. All in all, the Proposed Basic Law on Green Growth must lay foundation for these market mechanisms to be fully materialized.
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