Policy Watch: South Korea advances on cap and trade and world’s largest REDD project approved
This week, climate policy headlines from around the world include a new multinational renewable energy coalition, progress on cap-and-trade in South Korea, and the world’s largest REDD+ project moving forward in Indonesia.
South Korea plans ambitious carbon market
South Korea’s government plans to meet in May with the nation’s biggest emitters to provide information about the start of cap and trade in 2015.
The government plans to select an exchange for greenhouse- gas emissions in the second half of this year and decide how to allocate free allowances to an estimated 480 emitters by June 2014, Lee Hyung Sup, a deputy-director at the Ministry of Environment, said in a phone interview yesterday in Seoul. Trials for carbon trading are set to start in June 2014, he said. Full article.
World’s largest REDD+ project finally approved in Indonesia
Rimba Raya, the world’s largest REDD+ project, has finally been approved by the Indonesian government and verified under the Verified Carbon Standard (VCS), a leading certification standard for carbon credits.
The 64,000-hectare forest carbon project in Indonesia’s Central Kalimantan Province on the island of Borneo is expected to reduce carbon dioxide emissions by 119 million tons over its 30-year life-span. The emissions reductions will come from avoiding drainage of area’s carbon dense peatlands and conversion of its forests to oil palm plantations. Full article.
Renewables club founded by 10 countries
The UK has become a card-carrying member of a new international Renewables Club that promises to promote and scale up the global use of green energy sources, such as wind and solar power.
Launched on Saturday, the Renewables Club is a coalition of 10 countries led by Germany, which together account for more than 40 percent of the world’s investment in renewables energy. Full article.
Tesla pays off its DOE loan 9 years early
Electric carmaker Tesla Motors Inc on Wednesday paid off its U.S. Department of Energy loan nine years earlier than required, using money raised last week in a stock and debt offering.
The automaker said on Wednesday that it wired $451.8 million to repay the full loan with interest.
“I would like to thank the Department of Energy and the members of Congress and their staffs that worked hard to create the (Advanced Technology Vehicle Manufacturing) program, and particularly the American taxpayer from whom these funds originate,” Tesla Chief Executive Elon Musk said in a statement. “I hope we did you proud.” Full article.