Emission of greenhouse gases to be cut by 3%

Korean companies have to cut 17.2 million tons of carbon emissions next year, twice the 8 million ton cuts of this year.

This is the second year the government has set a carbon emission target after it promised in 2009 to cut 30 percent of emissions by 2020.

The government’s target for this year was a 1.42 percent cut. It wants to reduce emissions by 3 percent next year.

While total greenhouse gas emissions from all sectors is expected to reach 570.1 million ton next year, the government is set to limit them to 553.4 million ton.

“We are trying to minimize the burden on companies that may hinder growth,” said director Kim Jong-ju of the Ministry of Knowledge Economy’s energy efficiency management team.

More than 230 companies will fail to meet the reduction allotments this year out of 275 companies participating, according to the ministry. It said it will fall short of its target by 18 million tons of emissions, 20 percent of this year’s target.

Each company has to file documents explaining how they are going to achieve the reduction by the end of this year.

If they fail to reach their quota, they will be liable to a 10 million won ($9,000) fine, and they will have to make up the shortfall in the following year.

The ministry said it is stepping up its inspections in case companies fudge their reports.

The 10 companies that emit the most greenhouse gas include Posco, GS Caltex and Samsung Electronics, according to the ministry.

By Lee Sun-min [summerlee@joongang.co.kr]