Research Article
Policy Research for Revitalizing the Carbon Emission Trading Market
Sungshin Women's University
Published: January 2024 · Vol. 28, No. 2 · pp. 1-20
DOI: https://doi.org/http://dx.doi.org/10.17287/kbr.2024.28.2.1
Full Text
Abstract
This research aims to investigate specific strategies for activating voluntary carbon emissions markets at both the corporate and individual levels, in order to facilitate a groundbreaking transition and achieve carbon neutrality by 2050, in response to the global climate change challenge. Voluntary carbon emissions markets have the potential to play a crucial role in mitigating climate change by allowing companies to offset their carbon emissions. However, to effectively achieve this, there is a need for complementary measures and enhancements. This study proposes four measures to invigorate the carbon emission rights market. First, it is necessary to successfully introduce the Korean market stabilization reserve system in the regulatory carbon emission rights market and to gradually relax the carry-over restrictions. Second, it calls for stronger linkage between regulatory and voluntary carbon emission rights markets. Third, there is a need for the development and introduction of a carbon reduction certification system. Fourth, the introduction of STO(Security Token Offering) and cryptocurrency solutions for voluntary carbon emission rights is suggested. The carbon emission rights market is a core policy of carbon pricing and is judged to require many policy improvements for successful establishment.
