KOTRA and Energy Gong Join Hands for International Greenhouse Gas Reduction Project

Agreement on Joint Implementation of International Reduction Projects on the 16th

KOTRA announced on the 16th that it signed a joint agreement with the Korea Energy Agency at KOTRA headquarters in Yeomgok-dong, Seocho-gu, Seoul, to jointly carry out the government’s international greenhouse gas reduction projects.

The agreement entails that the two organizations will smoothly collaborate on greenhouse gas reduction projects in the industrial and power generation sectors necessary to achieve the 2030 Nationally Determined Contribution (NDC) targets.

Both institutions are designated agencies by the Ministry of Trade, Industry and Energy for international greenhouse gas reduction projects. They plan to leverage KOTRA’s overseas marketing capabilities and the Agency’s experience in CDM (Clean Development Mechanism) projects to implement the initiatives.

In addition to the agreement, the two organizations agreed to cooperate on ▲establishing a foundation for bilateral agreements between countries promoting international reduction projects ▲providing domestic companies with trends in overseas greenhouse gas reduction ▲holding briefings on international greenhouse gas reduction projects.

[Image source=Yonhap News]

International greenhouse gas reduction projects are initiatives promoted to utilize overseas greenhouse gas reduction achievements (ITMO) to meet the 2030 NDC targets. The government supports part of domestic companies’ investments in international reduction projects, recovers the reduction results, and uses them to achieve the NDC.

Earlier, on the 8th, the Ministry of Trade, Industry and Energy and the two agencies held a briefing session on international reduction projects for 74 companies operating in Ho Chi Minh City, Vietnam. The session introduced Vietnam’s international greenhouse gas reduction policies, exemplary project cases, policy directions, agency-specific support plans, and guidance on preparing project proposals.

Yoo Jung-yeol, President of KOTRA, stated, "Through this agreement, the two organizations will combine their strengths to effectively support Korean companies’ international greenhouse gas reduction projects and contribute to achieving the NDC."

An official from the Ministry of Trade, Industry and Energy said, "International greenhouse gas reduction is a means for companies to fulfill emission allowance obligations and realize ESG (Environmental, Social, and Governance) management. This agreement will enable more thorough support for company-led international greenhouse gas reduction."

KOTRA will hold the "2023 Global Net Zero Connection in Asia" event over two days, May 18?19, in Hanoi, Vietnam. The event will include a forum with government ministries from Asian countries and consultation meetings between domestic companies and clients. Companies wishing to participate can apply by the 31st through the business application board on the KOTRA website.

This content was produced with the assistance of AI translation services.