South Korea Passes Historic Climate Legislation May 3, 2012 : 9:51 AM

Joining the European Union, New Zealand, Australia, South Africa, China, and Mexico, the South Korean Parliament has approved a plan to cut industrial carbon pollution in an effort to combat the climate crisis. From Bloomberg:

"South Korea approved a cap-and-trade system to cut carbon emissions as President Lee Myung Bak seeks support from factories and power plants in the fastest-growing producer of greenhouse gases among industrialized democracies."

"The National Assembly passed a bill to establish a cap-and- trade system in the country by 2015 with the backing of both ruling and opposition parties, according to the assembly’s webcast of the main session today."

“The bill is needed to cope with global climate change and, domestically to reduce emissions of greenhouse gas efficiently,” Kim Jae Kyung, a member of the ruling New Frontier Party, said in the assembly’s plenary session before voting. The bill was passed in a 148-0 vote, with 3 abstentions."