[The Hwankyung Ilbo] The Ministry of Environment announced that it would hold a business agreement ceremony with three financial institutions including Korea Development Bank, Industrial Bank of Korea and Korea Exchange on May 24 to create greenhouse gas emission market.

At the signing ceremony, the Environment Ministry and three financial institutions will sign an agreement to establish a system of mutual cooperation for the stable operation and development of the domestic emission trading market.

Under the agreement, the Ministry of Environment designated the Korea Development Bank and the Industrial Bank of Korea as market creators, and the Korea Development Bank and the Industrial Bank of Korea will present more than 3,000 tons of bid and offer prices to the emissions market every day starting June 10.

In addition, the Ministry of Environment will form and operate a consultative meeting of market creators, examine the transaction status through the Korea Exchange and promote the implementation of its market-building obligations.

“We hope that the strengthened cooperation with the financial sector will further develop the emission market and play an important role as an instrument for companies to reduce greenhouse gas emissions,” said an official from the Ministry of Environment.

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