South Korea unveils CO2 cut target plan

SEOUL: South Korea pledged for the first time yesterday to set a 2020 emissions reduction target, as the OECD's fastest-growing carbon polluter voluntarily joined richer nations in setting hard goals to roll back climate change.

The government said it would choose a target this year from three options: an 8 percent increase from 2005 levels by 2020, unchanged from 2005, or 4 percent below 2005. Its emissions doubled in the 15 years to 2005, the fastest growth in the Organization for Economic Co-operation and Development (OECD).

South Korea, Asia's fourth-largest economy, laid out several measures to help it achieve the goal, adding that trade in carbon emissions rights and tax incentives could help offset some of the costs. It did not provide any further details on these plans.