ULSAN < invest Korea

According to Yonhap News,

Ulsan Division of Bank of Korea (BOK) emphasized the importance of greenhouse gas reduction in a report titled "The Possible Impact of Greenhouse Gas Emission Trading Scheme on Ulsan-Based Companies," saying that companies are advised to take advantage of greenhouse gas reduction requirements as business opportunities to enhance their competitiveness.

The report showed that companies holding effective greenhouse gas reduction technology are bound to have stronger price competitiveness than those without the technology as the introduction of greenhouse gas emission trading scheme would have little impact on their production cost.

The report called on companies to increase their investment in greenhouse gas reduction-related technologies or facilities in order to transform the risk as an opportunity.

In addition, the report suggested regional governments create a private-type energy fund that invests in greenhouse gas reduction businesses and then distributes the returns to investors.

It also highlighted the necessity of introducing system for measuring and examining greenhouse gas emission, providing tax incentives to companies investing in greenhouse gas reduction technologies and facilities, cultivating relevant professionals and establishing carbon credit transaction system.

"Allocation and transaction of carbon credits could cause financial burdens for companies, but they can offer new business opportunities. If we are well-prepared for the new scheme, we could minimize financial burdens and find new growth engines," said an official of Ulsan Division of BOK.

Source Text

Source: Yonhap News (Sep. 11, 2011)

** This is an English translation of a Korean text.