Conglomerates to make effort to cut CO2 emissions

Korea`s largest business association said Tuesday its member conglomerates will make active efforts to meet the government`s ambitious target for greenhouse gas emissions, the Yonhap News said.



Earlier in the day, the government of President Lee Myung-bak announced its target to reduce emissions to 4 percent below the country`s 2005 levels by 2020.



In a statement, the Federation of Korean Industries (FKI) said it "will actively join the government`s efforts to cut greenhouse gas emissions." The federation represents a number of large, family-run conglomerates, known chaebol, including Samsung and Hyundai Motor.



The statement, which was released after the corporate lobby`s monthly meeting on the day, toned down the federation`s previous stance that had requested the government to adopt a weaker target for emissions cut.



"The FKI decided to launch an industry-wide campaign to voluntarily reduce greenhouse gas emissions," the statement said.



Although Korea is not obliged to cut emissions under the U.N.`s Kyoto Protocol climate pact, Seoul has been under pressure to voluntarily reduce emissions because it is the fastest-growing polluter among members of the Organization for Economic Cooperation and Development.