This paper, Korea Environmental Policy Bulletin: Emissions Trading Scheme, introduced the operation of the Korean Emission Trading Scheme (ETS). Korea's greenhouse gas (GHG) emissions have continued to increase over the decades. It is expected that the ETS will reduce the cost of reducing greenhouse gas emissions effectively in terms of having a relatively low impact on GDP, price fluctuation and energy prices. Also, the financial gains from operating ETS may be invested back into the green industry, and will likely contribute to low-carbon green growth.