Seoul to raise greenhouse gas reduction in 2013

The Korean government plans to more than double the greenhouse gas emission cuts in 2013 from this year’s level.

Seoul aims to reduce greenhouse gas emissions by 17.2 million carbon dioxide (CO2) equivalent tons by next year and ultimately drag down the emission level by 30 percent in 2013.

The latest move is likely to affect 377 entities in the nation’s industrial, agricultural and transportation sectors. This raised concerns among the country’s major manufacturers including steelmaking, oil-refining and petrochemicals-producing industries.

They fear excessive curbs on energy consumption would hurt corporate earnings, which, in turn, lead to low investment and job creation.

By Um Yoon-sun (uys@heraldcorp.com)