From this R744.com website:
Belgium — 2008-03-27 — As part of its efforts to reduce GHG emissions, South Korea will impose fuel economy rating schemes on all new vehicles, beginning in August this year. The system, unveiled by the Korea Energy Management Corp. on 24 March, grades a vehicle’s fuel efficiency on a scale of one to five, with five being the best. The rating scheme is a demand-sided measure to encourage car buyers to opt for fuel-saving and low-emission models. Already in December 2007, Korea had announced to raise fuel efficiency standards by 15% by 2012 from 2004 levels.

At present, Korean standards are at 12.4 km/l (29 mpg U.S.) for vehicles with engine displacements of 1.5 litres or less, and 9.6 km/l (22.6 mpg) for those above 1.5 litres. However, as a report from the International Council on Clean Transportation (ICCT) found last year, South Korea is the only nation in the world where fleet average fuel economy is projected to decline over the next five years due to a sharp increase of large engine sized cars. A 15% increase would thus raise the standards to about 14.3 l/km (33.6 mpg) and 11 km/l (25.9 mpg) respectively by 2012. By comparison, the U.S. fuel economy standards have been raised to 35 mpg by 2020.

South Korea first developing country to set GHG emission targets under Kyoto
South Korea could become the first nation not obliged by the Kyoto Protocol to set a national GHG emissions target. The country will thus freeze its greenhouse gas (GHG) emissions at 2005 levels, or 591 million tons of carbon dioxide, over the next five years, Environment Minister Lee Maan-Ee announced on 21 March. Korea’s first governmental scheme to tackle global warming will encourage the development of environmentally friendly vehicles, and initiate nationwide energy-saving campaigns in non-manufacturing sectors including households and commercial buildings. The freeze of GHG emissions until 2012 will actually be a small reduction as South Korea’s emissions have increased by an average of 2.2 percent annually in recent years.
  
The unprecedented move follows the United Nations climate change conference in Bali last December, where South Korea pledged to take concrete steps to curb emissions along with 130 other countries. Currently, South Korea is classified as a developing country not facing any emission targets under the Kyoto Protocol. However, as it is likely to be given the status of a developed country in a post-Kyoto agreement after 2012, the latest plan is seen by many as a preparation for even tougher targets in the future.

Reductions not enough, critics say
The government announcement to freeze emissions until 2012 sparked criticism from environmental groups who had advocated up to 20% reductions by 2020, following the example of other developed countries. South Korea, the world’s 13th largest economy, ranks 9th in terms of GHG emissions. Over the last two decades of rapid industrialization, the country has experienced a dramatic increase in emissions up to the current 90% over 1990 levels. Environmentalists are now urging South Korea to play a more constructive role as a bridge between developing and developed countries by taking the initiative at the global level.