A leading business association says it will draw up a voluntary action plan to protect the environment and tackle climate change by reducing greenhouse gases and industrial waste.

The Federation of Korean Industries’ environment committee discussed the details of the envisaged action plan at its first meeting Tuesday.

The committee plans to adopt a declaration on environmental protection at its leadership meeting next month.

Committee Chairman Lee Woong-yeul said that efforts to reduce waste and greenhouse gas emissions will place a huge financial burden on businesses at the initial stage. But, he said, the goal can be achieved ultimately at lower cost through joint development and improvement of environment-friendly technologies and processes.

Chung-Ang University Professor Kim Jeong-in predicted that by 2050, carbon dioxide emission rights would jump in price by more than eight times to 150 euros. The scholar warned that starting in 2020, the nation would have to spend up to 27-point-seven billion dollars annually to reduce greenhouse gases by ten percent of its 1990 emissions levels if it fails to devise appropriate measures now.

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