"Recognized by the Government"... Jungbu Power Registers Overseas Greenhouse Gas Reduction Performance Project

SK Securities and EcoEye Jointly Promote

Bangladesh Traditional Cooking Facility
High-Efficiency Stove Replacement Project

Photo by Korea Midland Power Co., Ltd.

[Asia Economy Reporter Moon Chaeseok] Korea Midland Power's overseas greenhouse gas reduction achievements have been recognized as external projects under the domestic emissions trading scheme.

According to Midland Power on the 27th, the registration of Clean Development Mechanism (CDM) carbon credits from the distribution of high-efficiency cookstoves in Bangladesh as a domestic greenhouse gas external project was completed on the 26th.

The CDM is a system under the Climate Change Convention that allows developed countries to invest in greenhouse gas reduction projects in developing countries and use the achieved reductions to fulfill their own reduction targets.

The project to replace traditional cooking facilities in Bangladeshi households with high-efficiency stoves, promoted in collaboration with SK Securities and EcoEye, has been officially recognized by the government for the first time. Midland Power plans to distribute 1 million high-efficiency cookstoves by May.

Midland Power views this as significant because it has established a foundation for using overseas emission credits in the domestic emissions trading market.

Upon completion of the project, approximately 4 million tons of carbon credits will be secured over the next five years. It is also expected to contribute to achieving the national greenhouse gas reduction targets.

Park Hyung-gu, President of Midland Power, said, "The Bangladesh CDM project is not only about securing carbon credits at an effective cost but also a 'triple-win' project that improves the quality of life for the Bangladeshi people and creates jobs," adding, "Based on the success of this project, we plan to expand win-win greenhouse gas reduction projects."