Mubo Provides Investment Funding to Gritssi
Recovered Based on Greenhouse Gas Reduction Performance
Korea Trade Insurance Corporation (K-sure) has decided to support 'Carbon Emission Rights Investment Insurance' for the first time in projects by domestic companies entering the Vietnamese market.
On the 27th, K-sure announced that it will provide Carbon Emission Rights Investment Insurance, a dedicated product supporting international greenhouse gas reduction projects, for Gritssi's eco-friendly brick facility project in Vietnam for the first time.
The international greenhouse gas reduction project is a program where the government partially supports investments by domestic companies including Gritssi in overseas greenhouse gas reduction projects and recovers the investment through greenhouse gas reduction performance (ITMO), utilizing it to achieve the national greenhouse gas reduction target (NDC).
Gritssi plans to replace coal-based brick manufacturing facilities with press equipment locally in Vietnam. K-sure expects that through its insurance, the greenhouse gas reduction project of approximately 970,000 tons annually can be carried out more stably.
Lee In-ho, President of Mubo
K-sure's Carbon Emission Rights Investment Insurance is a dedicated product supporting international reduction projects launched last May. It broadly covers various risks related to domestic companies conducting overseas eco-friendly projects and recovering greenhouse gas reduction performance. Specifically, it includes potential risk factors such as future policy changes and non-compliance by the local government of the project country, as well as risks of not distributing greenhouse gas reduction performance according to pre-agreed ratios despite smooth operation of the reduction project.
A K-sure official stated, "With the full-scale support of Carbon Emission Rights Investment Insurance, K-sure is expected to effectively support our companies in pioneering new global eco-friendly markets and contribute to the successful implementation of the carbon neutrality national agenda promoted by the Ministry of Trade, Industry and Energy and other government bodies."
In particular, under the Paris Agreement established in 2015, greenhouse gas reduction obligations have been imposed not only on developed countries but on all countries worldwide, leading to an expected increase in demand for eco-friendly projects even in emerging countries. Carbon Emission Rights Investment Insurance will support domestic eco-friendly companies to participate in international greenhouse gas reduction projects in a safer environment and play a leading role in global greenhouse gas reduction efforts.
Lee In-ho, President of K-sure, said, "We plan to continuously expand trade insurance support to promote global carbon neutrality for our companies, expand new industrial market opportunities, and encourage private-led green industry investments. K-sure will do its utmost as an infrastructure supporting innovative companies with growth potential in future export industries and as a policy support infrastructure for fostering national strategic industries such as the green industry."
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