KOTRA Hosts International Greenhouse Gas Reduction Project Briefing... "Total Support Budget of 6 Billion KRW"

KOTRA and the Korea Energy Agency held the '2023 International Greenhouse Gas Reduction Project Briefing Session' on the 28th for stakeholders involved in international greenhouse gas reduction projects, together with the Ministry of Trade, Industry and Energy and related organizations. The briefing session proceeded in the following order: ▲Welcome speech by Moon Dong-min, Director of the Trade and Investment Office at the Ministry of Trade, Industry and Energy, ▲Support plans for international reduction projects by each institution, ▲Project proposal writing and Q&A, ▲Support projects for overseas feasibility studies, and ▲Introduction of international reduction projects.

Through this project announcement, international greenhouse gas reduction projects, including those in the industrial and energy sectors, will be selected on a pilot basis. A total of 6 billion KRW (up to 3 billion KRW per project) will be supported throughout this year. The eligible projects for support include investments in renewable energy, high-efficiency, and low-carbon facilities capable of reducing greenhouse gases. The scope of support covers the purchase of reduction facilities, installation work (including design and supervision), and trial operation.

On February 28, Moon Dong-min, Director of Trade and Investment at the Ministry of Trade, Industry and Energy, delivered a greeting at the '2023 International Greenhouse Gas Reduction Project Briefing' held at the LW Convention Center in Seoul.

The international greenhouse gas reduction project is promoted to secure overseas greenhouse gas reduction achievements that can be utilized to achieve the national greenhouse gas reduction target (NDC) for 2030. The government supports part of the investment costs of our companies' international reduction projects, mainly in developing countries, and recovers the corresponding greenhouse gas reduction achievements to be used for achieving the NDC. In the future, companies selected through a review committee will sign agreements with dedicated agencies and undergo periodic inspections and evaluations of the projects, submitting the international reduction achievements generated by the projects to the government.

Local support for the international greenhouse gas reduction projects is handled by the KOTRA Carbon Neutrality Support Center and 11 key trade offices. The support center and key trade offices will cooperate with local greenhouse gas reduction national approval bodies (DNA) to assist our companies in smoothly obtaining approval and certification of international reduction achievements. Additionally, they will play a role in discovering greenhouse gas reduction projects locally and building close networks with governments and international organizations. In the future, additional trade offices in countries where project conditions are established will be designated as bases to expand the project's foundation.

Applications for the project are open until 18:00 on April 14. Detailed information can be found on the notice boards of the Korea Energy Agency's website and the project application bulletin board on the KOTRA website. Yoo Jung-yeol, President of KOTRA, said, "We hope that more domestic companies will participate in the international greenhouse gas reduction projects through this briefing session," and added, "We will actively support the pilot projects to settle locally by utilizing the overseas Carbon Neutrality Support Center and 11 key bases."