Seoul will try out a carbon emission trading system to counter rising greenhouse gas emissions and encourage low-carbon technologies, reported the Korea Herald.

In the emission trading scheme, scheduled to begin in April, 54 public organizations are mandated to limit or cap their standard emission volume to 90 percent for a three-year trial period.

The cap was based on the amount of energy used for heating or cooling their buildings from 2007 to 2008.

If the 10 percent emission reduction goal is met, it will cut down 38,000 tons out of the 380,000 tons of carbon dioxide the organizations produce annually.

Carbon trading, also known as cap-and-trade, of the available emission rights is expected to take place quarterly online. The scheme also has feature that awards monetary incentives for good-performing participants.

Seoul will enact an ordinance for this project in the latter half of 2010. Meanwhile, it reportedly would also be active in promoting energy efficiency technologies such as installing light emitting diode lighting systems in public buildings.

The Korea Herald reports that about 20 carbon trading centers, including three in China, eight in Europe and three in the United States, are currently active in major cities around the world.

The World Bank estimated that the global carbon emission trade amounted to $126 billion in 2008 and is expected to increase to $1.45 trillion by 2020.