Kyoto Protocol European Union-15, made up of 15 states at the time of the Kyoto negotiations) commit themselves to binding targets for GHG emissions. The targets apply to the four greenhouse gases carbon dioxide (), methane (), nitrous oxide (), sulphur hexafluoride (), and two groups of gases, hydrofluorocarbons (HFCs) and perfluorocarbons (PFCs). The six GHG are translated into CO equivalents in determining reductions in emissions. These reduction targets are in addition to the industrial gases, chlorofluorocarbons, or CFCs, which are dealt with under the 1987 Montreal Protocol on Substances that Deplete the Ozone Layer. Under the Protocol, only the Annex I
Emissions Trading Scheme in South Korea in the scheme: Carbon Dioxide, Methane, Nitrous Oxide, Hydrofluorocarbons, Perfluorocarbons, and Sulfur hexafluoride. More than 525 business entities are subject to the ETS with specific emission targets set for each sectors. Similar to that of the European Union, South Korea has divided its emissions trading scheme into three phases. With differing time spans and targets within each phase. The country is currently in its first phase which started in 2015 and lasts until 2017. The second phase occupies a 3-year-span from 2018 to 2020 and the final third phase is from 2021 to 2025. During Phase 1 all permits will