K-ETS(Korea Emissions Trading System) 4기 정책 변화와 기업 ESG 전략: MSR·MRV·공시 정합성과 글로벌 기준 대응

As carbon neutrality and ESG consolidate as international norms, emissions trading systems (ETS) are emerging as institutional frameworks that shape firms’ cost structures, investment decisions, and disclosure practices. This study compares the design and operation of major ETSs in the European Union, China, Japan, the United States, and the United Kingdom, and uses these insights to examine the main features and implications of Phase 4 (2026–2030) of the Korean Emissions Trading System (K-ETS). Based on legal and policy documents, official reports, and prior research, the study conducts a comparative review of K-ETS across compliance periods and interprets Phase 4 from the perspective of corporate ESG strategy and international business. The analysis shows that K-ETS has evolved from initial introduction and adaptation toward design refinement and stronger market functioning aligned with national carbon neutrality targets. Phase 4 is characterized by a tighter cap, an expanded role for auctioning, the introduction of a Korean market stability mechanism (K-MSR), and efforts to align MRV data with ESG disclosure and trade-related carbon requirements. These changes imply that allowance prices and emissions data are becoming strategic variables for firms rather than mere compliance parameters. The study argues that K-ETS Phase 4 should be understood as a test of consistency between domestic ETS design and global carbon and disclosure standards, and highlights the need for firms to strengthen internal data governance linking facility-level MRV with group-level ESG reporting.