The project will analyze the economic and emissions impacts of the Korean Emissions Trading System (KETS) and will leverage expertise at the MIT Joint Program on the Science and Policy of Global Change in empirical modeling of economic outcomes, greenhouse gas (GHG) emissions and climate policies. In particular, MIT will develop an economy-wide model of the Republic of Korea with detail on key sectors of the economy including power generation by fuel type (e.g., coal, natural gas, nuclear, and hydro), energy intensive industries (e.g., iron, steel and cement), advanced energy technologies, and transportation, and apply it to estimate the impacts of the KETS.