Kyoto Protocol the UNFCCC to reduce the onset of global warming by reducing greenhouse gas concentrations in the atmosphere to "a level that would prevent dangerous anthropogenic interference with the climate system" (Article 2). The Kyoto Protocol applies to the six greenhouse gases listed in Annex A: Carbon dioxide (CO2), Methane (CH4), Nitrous oxide (N2O), Hydrofluorocarbons (HFCs) Perfluorocarbons (PFCs) and Sulphur hexafluoride (SF6). The Protocol is based on the principle of common but differentiated responsibilities: it acknowledges that individual countries have different capabilities in combating climate change, owing to economic development, and ergo puts the obligation to reduce current emissions on developed
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