Korea delays scheme to reduce carbon emission by 5 yearsUpdated: 2014-09-03 06:38:46 (KST)
Korea is putting the brakes on its push towards an emission-free auto market, amid mounting pressure from local and global automakers.
The government said Tuesday that it will DELAY carrying out its scheme to cut carbon emission by five years pushing it back until the end of 2020.
Finance Minister Choi Kyung-hwan said the plan places too much of a burden on automakers and car buyers while having little impact on reducing emissions.
The system would charge consumers who purchase vehicles with high carbon emissions while giving incentives to those who buy eco-friendly models.
But the government says it's still carrying out an emission trading system starting next year, and also expanding subsidies for hybrid and electric cars.
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