Calls for delay from the country's finance minister notwithstanding, South Korea's government confirmed on Aug. 14 that the country's carbon trading market would be launched on Jan. 1, 2015 as planned. The finance ministry, along with industry groups, had said that the proposed emissions cap was too low, and that the system would weigh on the country's environment to the tune of $29B. While the government has declined to delay the launch, the Ministry of Environment has said that it will increase the number of carbon permits it will release. Government sources say that 10-20MM extra allowances would likely hit the market in the three years to 2017, representing a 1-2% increase over the original plan.
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