In Jørgen Wettestand and Lars H. Gulbrandsen (eds), The Evolution of Carbon Markets: Design and Diffusion. London, Routledge, 2018, pp. 145-165.
This chapter focuses on an important ETS newcomer in Asia: South Korea, a substantial emitter. Its ETS features very broad coverage of sectors and gases, with centrally steered adjustment of allowance quantity and hence price management. South Korea’s ETS had among the highest carbon prices globally in early 2016 (more than EUR 20). Although domestic factors provide the main explanations for the adoption and design of the ETS, South Korea has also learnt from the experiences of other jurisdictions, the EU in particular.