Impacts and implications of implementing voluntary greenhouse gas emission reduction targets in major countries and Korea

► We analyze the GHG reduction targets announced by major countries with a CGE model. ► Emissions of the developed countries decrease by 14.0% by 2020 from the 1990 level. ► Developing countries contributes to global emissions to decrease by 15.9% from BaU. ► Step up of targets of developed countries is required for the Post-Kyoto framework. ► Global real GDP decreases by 1.18% from BaU with implementation of targets.