KOTRA to Promote Carbon Reduction Projects with Green Growth International Organization 'GGGI'

Signing of MOU for Sustainable Development on the 16th
International Organizations, Private and Public Sectors Collaborate for National NDC Achievement

From the left, Yoo Jung-yeol, President of KOTRA, Park Il-jun, 2nd Vice Minister of the Ministry of Trade, Industry and Energy, and Shin Kyung-nam, Deputy Secretary-General of GGGI, are taking a commemorative photo after the MOU. / Source=KOTRA

[Asia Economy Reporter Kim Pyeonghwa] The Korea Trade-Investment Promotion Agency (KOTRA) signed a Memorandum of Understanding (MOU) for green growth cooperation with the Global Green Growth Institute (GGGI) on the 16th at the LW Convention Center in Jung-gu, Seoul.

Starting with this MOU, KOTRA aims to create synergy in carbon reduction projects with GGGI, an international organization specializing in green growth. Specifically, they will pursue ▲joint cooperation plans involving international organizations, private, and public sectors for carbon reduction projects developed by GGGI ▲joint participation in programs led by both organizations ▲promotion of joint projects and information exchange utilizing overseas offices of both organizations.

At the UN Climate Change Conference of the Parties (COP26) held in Glasgow, UK, last November, international carbon market guidelines were finalized, completing the detailed implementation rules of Article 6 of the Paris Agreement. In particular, according to the cooperative approaches under Article 6.2 of the Paris Agreement, to enable the transfer of emission reductions between countries, six major requirements must be met, including ▲whether the country is a party to the Paris Agreement ▲submission of the country's Nationally Determined Contributions (NDC) ▲internationally transferred mitigation outcomes (ITMO), among others. Approval from the cooperating country for inter-country transfer is a prerequisite. Accordingly, KOTRA plans to collaborate with GGGI, which develops various methods for purchasing emission reductions, to not only discover and develop projects but also ensure the certainty of international emission reduction transfers.

Yoo Jung-yeol, President of KOTRA, said, “We expect that high-quality projects held by international organizations will be actively utilized and disseminated through this MOU,” adding, “KOTRA will actively support establishing the foundation for international greenhouse gas reduction projects and pilot projects to contribute to the country's NDC.”

The Ministry of Trade, Industry and Energy is responsible for overseeing sector-specific authorities related to carbon reduction. KOTRA plans to promote international reduction projects in the industrial and power sectors in cooperation with the Korea Energy Agency.

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