The Ministry of Knowledge Economy said Monday that it had told firms to reduce carbon emissions by a total of 17.2 million tons by the end of next year. 

The amount ― expressed in terms of tons of CO2 equivalent, or tCO2e ― is more than double the 8 million tCO2e target in 2012, when the ministry first set such targets.

The steel, cement and petro-chemical industries are the three industries facing the largest greenhouse gas emission cut targets next year, making up 68 percent of the total.

POSCO is the firm with the biggest emissions reduction target. It has to slash its greenhouse gas emissions by 2.5 million tCO2e next year, 26 percent of the total reduction target. Hyundai-Steel and Ssangyong Cement followed as they were ordered to cut 0.49 million tCO2e (5.1 percent) and 0.44 million tCO2e (4.6 percent), respectively.

If a company fails to meet the reduction target, it will receive an enforcement notice from the ministry. If the company continues to exceed the target, it will face a fine of up to 10 million won ($10,000).

By Seo Jee-yeon  (jyseo@hearldcorp.com)