Energy Agency Signs MOU with Namdong Power and Climate Change Center to Develop 'Climate Change Response Overseas Projects'

"Cooperation in Overseas Project Development for Greenhouse Gas Reduction and Carbon Emission Rights Acquisition Abroad"

Kim Chang-seop, President of Korea Energy Agency (right), Yoo Hyang-yeol, President of Korea South-East Power Co., Ltd. (left), and Yoo Young-sook, Chairperson of the Climate Change Center (center), pose for a commemorative photo after signing the business agreement at the "Overseas Project Development Agreement Ceremony for Climate Change Response" held on the 15th at the Millennium Hilton Hotel in Seoul. (Photo by Korea Energy Agency)

[Asia Economy Reporter Moon Chaeseok] On the 15th, the Korea Energy Agency announced on the 18th that it signed a Memorandum of Understanding (MOU) for overseas project development to respond to climate change with Korea South-East Power Co., Ltd. and the Climate Change Center at the Millennium Hilton Hotel in Seoul.

The three organizations will jointly carry out greenhouse gas emission reduction projects, carbon credit acquisition projects, and power generation projects.

The agency has opened an 'Overseas Expansion Platform' to support domestic companies' overseas expansion, connecting the overseas expansion demands of companies with the overseas investment demands of foreign government agencies.

They operate programs such as overseas cooperation (G2G, G2B), project discovery, feasibility study support, and training sessions inviting project stakeholders.

Through the agreement, the agency will support the early stages of project promotion such as feasibility studies for overseas projects responding to climate change, centered on the 'Overseas Expansion Platform.'

Korea South-East Power Co., Ltd. will handle overseas project discovery, investment, and related support tasks.

The Climate Change Center will link the projects with domestic and international greenhouse gas reduction projects (CDM) and the Green Climate Fund, and cooperate on local networking.

Taking this agreement as an opportunity, the three organizations plan to promote a 1MW scale 'Agrivoltaic Power Generation Project' combining agriculture and solar power in Myanmar, where agriculture has a large share.

They plan to continuously discover various overseas projects and maintain close cooperation to create successful models.

Additionally, the agency has been promoting various private cooperation overseas projects such as the modernization of aged power plants in Uzbekistan, streetlight efficiency improvement projects in Vietnam, and electric vehicle distribution activation projects in Cambodia.

Kim Changseop, the agency’s director, said, "Recently, the COVID-19 pandemic has created the brand 'KOREA,' and we must use this opportunity to shift the world's attention to Korean companies," adding, "We will strive to activate domestic companies' overseas expansion by expanding the increased trust in Korea due to COVID-19 into climate change response projects."

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