• International Journal of Advanced Culture Technology
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• v.11 no.2
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• pp.389-396
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• 2023

This paper selects 100 IT companies listed on the Shenzhen Stock Exchange from 2016 to 2020, and the public announcement in Hwajung collects ESG integrated ratings and grades for each sector and empirically verifies the relationship between ESG ratings and stock returns. Huazheng ESG level data and QIANZHAN database Using corporate financial data, a total of 500 samples were selected through correlation analysis and linear regression analysis with SPSS23 to analyze the effect of ESG on Return. As a result of the analysis, first, the impact on stock returns was found to be a significant positive (+) value for ESG integrated ratings and ratings by E (environment), S (social), and G (governance) sectors, confirming that ESG ratings have a positive mold of corporate stock returns. Currently, the world's major economies have proposed sustainable development strategies and "carbon neutral" goals. Development strategies are very consistent with ESG concepts, and companies that agree and execute ESG concepts may have higher ratings than other companies in the same industry, resulting in certain evaluation premiums. In addition, capital market performance in recent years shows that companies with ESG concepts or "carbon neutrality" concepts are generally considered to have higher growth potential and stronger anti-risk capabilities in the market. For listed companies, they should focus on ESG investment, improve ESG performance, and actively disclose related information to investors. Improving ESG performance should deliver positive information to society, enhance corporate image, increase market confidence in the future development of listed companies, and positively improve corporate value to actively increase financial, financial, trading, and other aspects of negotiation.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.31 no.1D
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• pp.111-117
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• 2011

In the wake of increased concerns on reduction of greenhouse emission which started with United Nation's Framework Convention on Climate Change (UNFCCC) and Kyoto protocol, Korean government is making various efforts under the represented slogan "Low Carbon, Green Growth". Therefore, it is inevitable that construction industry also follow the Korea government's slogan and the international trend in environmental problems. This study identified several main construction materials and equipments of civil construction projects and suggested a environmental cost estimation method and related estimation standards (Public and private owners are distinguished). A case analysis of a real road construction project is also performed and characteristics according to the owner type is compared. This study analyzed the environmental impact to total construction cost variations. In the result, public owner required 11~16% of extra budget and private owner required 19~22% of extra costs. This study is limited in consideration of environmental factors and carbon trading prices.

• International Area Studies Review
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• v.15 no.2
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• pp.427-447
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• 2011

In global, there is an active movement to reduce the green house gas. Allowance and carbon tax are the one of effective alternatives to mitigate green gas effect. In addition, the clean development machinism(CDM) can be applied between the ANNEX 1 and developing countries. It could be an one good solution to reduce the GHG. In the Northern Asia, the CDM can be the one of the possible solution to reduce the GHG because the Japan has a responsibility to reduce GHG and the China and Korea have a room to supply CDM credit. It is suffice to say that if these three countries decide to collaborate, the new international carbon market can be established that can be the similar form of EU-ETS. It is clear that few barriers must be removed to launched such new form of carbon market. Protection of domestic technology, excessive financial request of business opportunities by CDM, and irrational needs of carbon credit that created by CDM, listed constraints define as an one single word, the national selfishness. Once it is cleared, there is high possibility that the Northern Asia CDM trading system can be launched.

• Environmental and Resource Economics Review
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• v.23 no.3
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• pp.453-472
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• 2014

Analyzing the effects of carbon emissions trading, which is scheduled to be introduced in Korea in 2015, requires an accurate assessment of $CO_2$ abatement costs by both industries and firms. Firms faced with regulatory constraints are unlikely to minimize their production costs due to rising production costs caused by allocative inefficiency of inputs. The use of a distance function would results in underestimation of $CO_2$ abatement costs, because it fails to capture the allocative distortion costs. Recognizing the disadvantage of the previous approach, first, this paper tests for allocative efficiency of input for the Korean steel industry over the period 1990-2010, then derives the marginal $CO_2$ abatement costs by applying a cost function approach. The hypothesis of allocative efficiency in inputs is rejected and the steel industry pays an annual average cost of 92,000 won in removing an additional ton of $CO_2$ over the sample period.

• Journal of Climate Change Research
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• v.9 no.4
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• pp.471-485
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• 2018

The Republic of Korea (ROK) has made many efforts to reduce greenhouse gases through a legal framework, making obligations to reach domestic and overseas targets via the Paris Convention in 2015. China recently launched a nation-wide emission trading system (ETS) and has considered extending this ETS to include the ROK. This study examines the possibility of linking the ETS between ROK and China by considering the institutional design elements of the ETS. Additionally, this study provides policy implications to reach Korea's overseas reduction target. For the research methodology, the design elements of both the ROK and China policies were analyzed by categorizing their standard design elements based on the International Carbon Action Partnership. This paper focuses on four main barriers (cap type, borrowing, offset and price ceiling) based on their environmental benefits and analyzes the challenges to combining the design elements between the ROK and China systems. The two ETS commonly share the same cap types, and there is similar institutional progress regarding the offset and price ceiling. In addition to this, note that China has a borrowing system that is opposite to the borrowing system in ROK. According to these findings, there are major challenges to linking the ROK and China systems due to differences in the major design elements. Thus, it is necessary to modify the Korean domestic borrowing system and understand the Chinese institutional processes related to environmental negotiation to achieve further cooperation.

• Asian Journal of Innovation and Policy
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• v.9 no.1
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• pp.1-11
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• 2020

In 2015, the State Council of South Korea finalized its goal to reduce greenhouse gas emissions by "37% from the business-as-usual (BAU) level" by 2030 across all the economic sectors. Of that reduction, 4.5% will be achieved overseas by leveraging Emission Trading Systems (ETS) aided by international cooperation. In line with this, considering both the demand for and supply of the carbon market increased after the Paris agreement, the importance of public diplomacy in negotiating climate change actions also rose. This study aimed to analyze the impact of international discussions such as the United Nations Framework Convention on Climate Change (UNFCCC) on domestic policies and the types of public diplomatic climate change policies pursued by different government agencies, and draw implications from them. This study attempted to find implications from the Korean government's public diplomacy on climate change for developing countries. Lessons learned regarding Korea's public diplomacy would provide a practical guidance to the Asian developing countries, which are suffering from environmental crisis at a phase of rapid economic growth.

• International journal of advanced smart convergence
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• v.12 no.2
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• pp.193-200
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• 2023

This paper selects 100 IT companies listed on the Shenzhen Stock Exchange from 2016 to 2020, and the public announcement in Hwajung collects ESG integrated ratings and grades for each sector and empirically verifies the relationship between ESG ratings and stock returns. Huazheng ESG level data and QIANZHAN database Using corporate financial data, a total of 500 samples were selected through correlation analysis and linear regression analysis with SPSS23 to analyze the effect of ESG on Return. As a result of the analysis, first, the impact on stock returns was found to be a significant positive (+) value for ESG integrated ratings and ratings by E (environment), S (social), and G (governance) sectors, confirming that ESG ratings have a positive mold of corporate stock returns. Currently, the world's major economies have proposed sustainable development strategies and "carbon neutral" goals. Development strategies are very consistent with ESG concepts, and companies that agree and execute ESG concepts may have higher ratings than other companies in the same industry, resulting in certain evaluation premiums. In addition, capital market performance in recent years shows that companies with ESG concepts or "carbon neutrality" concepts are generally considered to have higher growth potential and stronger anti-risk capabilities in the market. For listed companies, they should focus on ESG investment, improve ESG performance, and actively disclose related information to investors. Improving ESG performance should deliver positive information to society, enhance corporate image, increase market confidence in the future development of listed companies, and positively improve corporate value to actively increase financial, financial, trading, and other aspects of negotiation.

• Environmental and Resource Economics Review
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• v.25 no.3
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• pp.377-401
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• 2016

This study analyzes how much cost the power generation and energy sector in South Korea have to bear due to the introduction of emissions trading scheme during 2016 - 2017. To this end, the data on the seventh basic plan for long-term electricity supply and demand is applied to the electricity market simulation model called M-Core, and then the model forecasts carbon dioxide emissions to compare with the free emission allowances in the first national emissions permit allocation plan. The main results are as follows. Carbon dioxide emissions are estimated to be less in 2016 but more than the free emission allowances in 2017. When the price of the allowances is changed from \10,000/ton to \20,000/ton, the cost of purchasing the allowances is ranged from \70 billion to \140 billion. Under the assumption that CO2 cost is incorporated into the variable cost, a reversal of merit order between coal and LNG generation takes place when the price of the allowances exceeds \80,000/ton.

• Environmental and Resource Economics Review
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• v.18 no.4
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• pp.587-635
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• 2009

The purpose of this study is to develop the Global Dynamic Computable General Equilibrium Model (Global CGE Model) in order to produce an economic impact analysis, including prospective obligations for the Post-2012 regime. This model explores the impact of an international emissions trading market and macroeconomic variables such as GNP, consumption, investment, imports and exports, in accordance with potential increased obligations on the Republic of Korea. Distinguishing it from existing studies, this Global CGE Model divides the global community into major economic groups, and in the capacity of the analyzed global model, reflecting the principle nations' macroeconomic indicators through the theoretical approach of endogenous growth theory. Policies such as an emissions trading scheme and carbon tax are reflected in the model. Also, in particular, the model reflects exogenous technological advances. According to this analysis, the stronger the greenhouse gas reductions, the greater the adverse effects on the economy; among macroeconomic indicators that appear, a significant decline is realized in the balance of trade, along with a significant decrease in investment and consumption. Energy dependence, in particular, plays a large role-varying in degree by industry type-, as greenhouse gas reductions would have a greater impact on energy-intensive industries. Furthermore, if Korea, currently recognized as a developing country, is given the obligation to reduce greenhouse gas emissions, competing countries such as China and other developing countries will be given an advantage.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.74
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• pp.125-150
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• 2017

Environment protection is one of the important political goals along with trade liberalization. Some of the institutions associated with it, however, either hinder trade or exert distorted influence and can arouse trade conflicts eventually. Therefore, harmony between environment protection and trade policy is becoming a crucial issue nowadays. Among the policies for environment, those related to climatic change are regarded as major tasks to deal with in the world commonly. Saying that it is for environment protection, advanced countries impose fines for environment protection on developing countries through border tax adjustments about the items imported from them. However, there is no such agreement about it internationally, so disputes often arise regarding what extent is appropriate as countries cope with it differently in their own way. Disputes about measures for climatic change are highly influential economically, and due to the severe conflicts of interests between states, they often tend to become politicized. Accordingly, we can say that such disputes affect international trade based on the WTO system seriously. When it comes to negotiation for climatic change, we should establish international systems urgently which can work fairly and effectively for all the countries joining in it. Therefore, it is important to examine the treatment of trade restriction measures intended to solve climatic change in international negotiations and establish definite conditions about which measures are allowed and which are not. In conclusion, we should devise rules for environment protection internationally which all the countries in the world can accept and agree on and also make the definite criteria of interpretation as well. Also, through those trade regulations, we should be able to accomplish environment protection globally and at the same time produce synergy, that is, economic growth through trading.