Seoul City to Implement Building Greenhouse Gas Cap System... Over 100 Sites Including Companies, Hospitals, and Schools Participate

Participation in Developing an Implementation Model for the 'Greenhouse Gas Cap-and-Trade System' to Reduce and Manage Building Greenhouse Gas Emissions
LG Science Park, Shinhan Bank, Sogang University, Samsung Asan Hospital, Hanwha Connect, and Others Involved

[Asia Economy Reporter Lim Cheol-young] Seoul City announced on the 16th that about 100 sites, including large corporations, banks, hospitals, and schools, will participate in the development of an implementation model for the 'Building Greenhouse Gas Total Emission Cap System,' which sets and manages appropriate greenhouse gas emission limits for buildings.

This year, the city is promoting the total emission cap system targeting all 447 city-owned buildings with a total floor area of 1,000㎡ or more, as well as 300 private buildings with high energy consumption. Seoul City scientifically analyzes the greenhouse gas emission status of buildings participating in the cap system to diagnose their energy performance and propose optimal reduction measures. When conducting building energy efficiency projects, the city provides interest-free loans of up to 2 billion KRW for project costs.

Since last year, the city has been pilot-applying the greenhouse gas total emission cap system to 51 city-owned buildings (1,000㎡ or larger). This year, it is developing an implementation model to expand this to private buildings and has requested voluntary participation from private medium and large buildings with high energy consumption.

About 100 sites are participating in the development of this total emission cap implementation model, including 25 sites from 4 companies, 15 sites from 2 hospitals, and approximately 58 sites from 3 universities. Participating companies include △LG Group’s major affiliates (such as LG Electronics) located in LG Science Park △Hanwha Connect (Seoul Station and Cheongnyangni Station) △Shinhan Bank, and the public enterprise △Korea Marine Environment Management Corporation. Hospitals include △Seoul Asan Medical Center and △Samsung Medical Center. Universities include △Sogang University △Seoul National University △Yonsei University.

Seoul City plans to prepare detailed implementation guidelines for the building greenhouse gas total emission cap system by analyzing energy usage of participating buildings, reviewing the appropriateness of standard emission amounts set by building type, and presenting standard models of applicable reduction technologies by type. Customized consulting will be provided to participating buildings to assist in reducing greenhouse gas emissions.

Seoul City is also accepting participation applications from medium and large energy-consuming buildings such as hotels and department stores beyond those already involved in the development of the building greenhouse gas total emission cap implementation model. Buildings wishing to participate can apply to the Seoul City Climate Change Response Division. The city plans to prepare draft implementation guidelines by March next year through expert forums and public hearings and apply them by 2025.

Yoo Yeon-sik, Head of the Climate and Environment Headquarters, said, “To achieve carbon neutrality in the building sector, it is essential to systematically manage and standardize greenhouse gas emissions from individual buildings,” adding, “We hope many private buildings such as hotels, department stores, and telecommunications companies will participate to develop various types of implementation models.”