South Korea said that POSCO and Samsung Electronics Co are among 366 companies that should cut about 8.3 million tonnes of greenhouse gas emission in 2012.

Ministry of Knowledge Economy said that the reductions will account for 1.4% of the companies' estimated emissions. The government will offer tax breaks and loans to companies to invest in energy saving equipments.

South Korea said in November 2009 that it plans to voluntarily cut emissions by 30% from expected 2020 level or 4% below its 2005 emissions.

The ministry said that the 366 companies identified by the government would produce 585.2 million tonnes of carbon dioxide in 2012 without reduction efforts.

POSCO, the world's third biggest steelmaker, has a target to cut 963,000 tonnes of emission, while Samsung Electronics should reduce 429,000 tonnes. LG Display Co and Hyundai Steel Co are expected to cut carbon dioxide emission by 327,000 tonnes and 192,000 tonnes, respectively.

According to the ministry, companies face fines of as much as KRW 10 million if they don't meet their targets.

(Sourced from www.bloomberg.net)