South Korea Sets Emission Targets for Posco, Samsung, Hyundai

South Korea, Asia’s fourth-biggest polluter, said Posco (005490) and Samsung Electronics Co. are among 366 companies that should cut about 8.3 million metric tons of greenhouse-gas emission next year.

The reductions will account for 1.4 percent of the companies’ estimated emissions, the Ministry of Knowledge Economy said today in an e-mailed statement. The government will offer tax breaks and loans to companies to invest in energy- saving equipments.

South Korea said in November 2009 it plans to voluntarily cut emissions by 30 percent from expected 2020 level, or 4 percent below its 2005 emissions. The 366 companies identified by the government would produce 585.2 million tons of carbon dioxide next year without reduction efforts, the ministry said.

Posco, the world’s third biggest steelmaker, has a target to cut 963,000 tons of emission, while Samsung Electronics should reduce 429,000 tons, the statement said. LG Display Co. and Hyundai Steel Co. (004020) are expected to cut carbon dioxide emission by 327,000 tons and 192,000 tons, respectively.

Companies face fines of as much as 10 million won ($8,534) if they don’t meet their targets, according to the ministry.

To contact the reporter on this story: Sungwoo Park in Seoul at spark47@bloomberg.net

To contact the reporter on this story: Shinhye Kang in Seoul at skang24@bloomberg.net.

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