OMNI Features｜TIME: Over-Issuance of Carbon Emission Allowance in South Korea．Singapore to Construct the World's Largest Ocean Carbon Removal Plant．Kaohsiung o Reduce Coal Consumption by 400,000 Tons by End of Year

｜TIME: Over-Issuance of Carbon Emission Allowance in South Korea Deviates from Initial Intentions of Trading System
South Korea was one of the first countries in Asia to initiate a carbon trading mechanism. However, due to excessive carbon emission allowance, it has failed to incentivize emission reductions at pollution sources. An article on the TIME website points out that according to data from Seoul-based climate group Plan 1.5, from 2015 to 2022, the top ten emitters (companies) in Korea sold nearly 22 million surplus credits, earning about $357 million. Plan 1.5 analysis reveals that South Korea's "total emission trading scheme" regulates nearly 700 companies. Yet, there were a total of 39.2 million excess carbon emission quotas in 2021 and 2022 combined, equivalent to 6% of South Korea's total emissions in 2022.

｜Singapore to Construct the World's Largest Ocean Carbon Removal Plant
In a joint press release by the Public Utilities Board (PUB), the University of California, Los Angeles (UCLA), and the U.S. company "Equatic" on the 27th, it was announced that they will jointly invest $20 million to construct the world's largest ocean carbon removal plant, "Equatic-1," in Tuas, Singapore. The plant is expected to remove 10 metric tons of carbon dioxide daily from seawater and the atmosphere and produce nearly 300 kilograms of negative carbon hydrocarbons.

｜Kaohsiung to Reduce Coal Consumption by 400,000 Tons by End of Year Aiming for Coal-free Carbon Reduction by Next Year
Kaohsiung, Taiwan, currently has power plants such as Hsinta, as well as 10 industrial plants with 15 coal-fired cogeneration units. The Environmental Protection Bureau of the Kaohsiung City Government is collaborating with industries to promote coal and carbon reduction through process improvements. It is projected that by the end of this year, coal consumption will be reduced by 400,000 tons, bringing the overall coal usage to just over 2 million to achieve coal-free carbon reduction by the end of next year.

Reference: The International Trade Administration (TITA)｜CNA｜LTN