Vietnam and Uzbekistan Launch International Greenhouse Gas Reduction Projects... Total Investment of 27 Billion KRW This Year

2023 International Agreement Ceremony for Greenhouse Gas Reduction Projects

The government has officially launched its international greenhouse gas reduction projects this year. A total of 27 billion KRW will be invested in reduction projects with Vietnam and Uzbekistan, aiming to reduce a total of 10.25 million tons of carbon.

On the 25th, the Ministry of Trade, Industry and Energy held the '2023 International Greenhouse Gas Reduction Project Agreement Ceremony' at the Korea Trade-Investment Promotion Agency (KOTRA), attended by Ahn Deok-geun, Director General for Trade Negotiations, the Ambassador of Vietnam to Korea, the KOTRA president, the Energy Agency chairman, and representatives of participating companies.

This project supports facility investments for Korean companies' overseas greenhouse gas reduction initiatives and secures reduction performance in the future. The overseas reduction portion of the 2030 Nationally Determined Contribution (NDC) is approximately 37.5 million tons.

The Ministry of Trade, Industry and Energy selected a total of four projects this time. Through this pilot project, a total investment of 27 billion KRW will be made. The ministry expects to reduce about 10.25 million tons of greenhouse gases during the project period. Of this, the government will secure about 260,000 tons as overseas reduction credits for government support funds amounting to 5.92 billion KRW. By country, there are three projects in Vietnam and one in Uzbekistan. In particular, the Vietnam projects are the first bilateral projects and are follow-up achievements of the 'MOU on the Implementation of Article 6 of the Paris Agreement' signed last June.

Director General Ahn said, "This pilot project is the first outcome born from the strong trust built through the conclusion of the basic agreement and MOU between the two countries, and it will be an important opportunity to expand the scope of cooperation with the governments of Vietnam and Uzbekistan."

Meanwhile, the ministry plans to announce the 2024 project early next year and expand related budgets from 6 billion KRW this year to 33 billion KRW (government proposal) to provide support.

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