The cap-and-trade system against the air pollutants in the Seoul Metropolitan Area (SMA), Korea has been implemented since 2008 and will be implemented other areas in Korea on 2020. In this study, to identify the outcome and effectiveness of the cap-and-trade system in the SMA, (1) the rate of change for NOx and SOx emissions, (2) differences between the real emission and allocated amount, and (3) the status of trading are reviewed. It was found that the NOx and SOx emissions from the sources under the cap-and-trade system decreased in the SMA but the reduction was mainly due to the reduction of fuel usage not related to the system. It was found that the average percentage of annual emission in the SMA to the allocated amount between 2008 and 2018 was 66.9% for NOx and 69.3% for SOx, respectively. It suggests that there was over allocation of the emission amounts. The average trading prices in the SMA were 0.193 $/kg for NOx and 0.128 $/kg for SOx, far lower than those in RECLAIM, 131.942 $/kg and 81.677 $/kg, respectively. It was suggested that (1) the cap system for NOx and SOx emissions should be implemented only for the area with high emission ratio from large point sources, (2) the trade system is not suitable for the effective implementation of the cap system, and (3) Korean government should not allow over allocation in order to ensure sound market function without delaying the introduction of technology.
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