AppId is over the quota
* Total of 366 firms should cut 8.3 mln T CO2, or 1.42 pct
* Of total, firms in industry should cut 4.7 mln T CO2
* Power sectors should cut 3.6 mln T CO2
By Ju-min Park and Cho Mee-young
SEOUL, Oct 10 (Reuters) - South Korea aims to cut 8.3 million tonnes of CO2 equivalent from projected industrial and power sector greenhouse gas emissions in 2012, as it detailed how it would meet a target of a 1.44 percent reduction next year.
Asia's fourth-largest economy, which had already unveiled next year's percentage target, disclosed reduction targets by tonnage and by individual company.
Under next year's targets, a combined 366 firms in the industrial and power sectors must cut emissions 1.42 percent below their business-as-usual (BAU) levels.
The firms are allowed to emit 576.8 million tonnes of CO2 equivalent next year instead of a projected 585.2 million tonnes, the Ministry of Knowledge Economy said in a statement on Monday.
Industry will be required to cut 4.7 million tonnes of CO2 equivalent in 2012, 1.37 percent below its BAU level, while the power sector will need to cut 3.6 million tonnes of CO2 equivalent, or 1.50 percent below its BAU level, the statement said.
Firms that fail to meet their targets will be issued with an enforcement notice and if they fail to act, a fine to a maximum of 10 million won ($8,485) will be imposed, it added.
These emission caps are likely to be used as a baseline when the Asian nation introduces its emissions trading scheme in 2015, and to help it meet a target of a 30 percent cut in emissions by 2020.
South Korea's parliament is currently reviewing an emissions trade bill, a draft of which was finalised by the government in April by increasing free carbon allowances and softening penalties for non-compliance due to strong opposition from industry.
The government wants the bill passed by the year end to start the scheme from 2015. The emissions trading laws would only be binding from 2015 for those producing more than 25,000 tonnes of CO2 a year.
Major concerns for many Korean firms, particularly its big exporters, are the failure of competitors such as the United States, Japan and Australia to pass similar schemes that put a price on carbon.
South Korea's top emitters include major employers such as POSCO , the worlds No.3 steelmaker, and Samsung Electronics , the world's biggest electronics firm by revenue.
Under next year's targets, POSCO should slash its carbon emissions by 963,000 tonnes, which accounts for 20.6 percent of the overall industry reduction.
Emissions from South Korea's economy have doubled since 1990 and are slightly larger than Australia's nearly 600 million tonnes. On a per-capita basis, they are on a par with some European nations. ($1 = 1178.500 Korean Won) (Reporting by Cho Mee-young and Ju-min Park; Editing by Michael Urquhart)
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