South Korea’s Emissions Trading Scheme (KETS) was authorized in 2012 through the Act on the Allocation and Trading of Greenhouse Gas Emissions Permits. The KETS was launched in 2015, and in 2018 Phase II started alongside a revision of Korea’s 2030 GHG reduction roadmap. The KETS covers more than 70% of the country’s emissions. Auctioning was introduced in 2019 for 3% of permits (expected to increase to 10% in a future phase).