Invest KOREA

The carbon neutrality support center is expected to take an important role to reduce greenhouse gas emissions in industrial and energy sectors of both Korea and Vietnam
On the occasion of the opening of the center, 'Global Net-Zero Connection in Asia' kicked off on May 18 for 2 days to discuss cooperative measures with 6 nations.

KOTRA (President Yu Jeong Yeol) held an opening ceremony of its first carbon neutrality center on May 19 in KOTRA's Hanoi Trade Center. The ceremony was attended by Director for Climate Change Tăng Thế Cường at Ministry of Natural Resources and Environment of Vietnam, Korean Ambassador to Vietnam Oh Young Ju, Director General for Trade Controls Policy Kang Kam Chan at MOTIE, Director of Innovative Growth Division of KOTRA Jung Oi Young, and President of Southeast Asia & Oceania Head Office of KOTRA Lee Jong Sub.

As KOTRA was designated as an institution responsible for implementation of international mitigation projects in industrial and energy sectors in March under the Framework Act On Carbon Neutrality And Green Growth For Coping With Climate Crisis and the enforcement decree of the same act, it established the carbon neutrality support center to expand its global network of climate action. As of now, it runs one carbon neutrality support center and 10 hub centers in 11 countries, among the nations that the Korean government is closely working together with to address climate issues. They are in charge of facilitating bilateral cooperation, supporting carbon reduction projects of domestic businesses and public offices, and collecting information from regional offices abroad.

Taking the opportunity of the launch of the carbon neutrality support center, KOTRA held 'Global Net-Zero Connection in Asia' from May 18 to 19 in Hanoi, Vietnam. Hosted by MOTIE and organized by KOTRA, it brought together public officials working on reduction of ghg emission from 6 ASEAN countries (Vietnam, Thailand, Bangladesh, Laos, Cambodia, Malaysia) 40 ASEAN businesses, and 40 Korean businesses, providing a number of productive events, including a forum with the theme of implementation of international mitigation projects in industrial and energy sectors, one-on-one export negotiation talks, bilateral meetings between governments.

The first day started with a declaration for Net-zero cooperation made by Korea and 6 ASEAN countries along with a series of events followed from assessment of how far away the world is from meeting the Paris climate goals, Korea's plan to implement international mitigation projects in industrial and energy sectors, ghg emission reduction projects, regulatory framework and business opportunities from the 6 ASEAN countries to emission reduction business pitch sessions for domestic companies. The next day was filled with one-on-one negotiation talks among Korean companies planning to operate carbon reduction projects in ASEAN markets, local clients, energy corporations, EPC (engineering, procurement, construction) providers, and developers to identify business opportunities and potential partners.

"It was a great opportunity for the government to discuss with 6 Asian countries how we join forces to reduce ghg emissions in industrial and energy sectors, and at the same time, for the private sector to check each nation's market landscape and find optimal partners.", said Director Jung Oi Young and "We will spare no effort to make sure our efforts made from the carbon neutrality support and hub centers will lead to substantial outcomes in implementing NDC by, for instance, signing a number of MOUs in the upcoming Global Net-Zero Connection hosted by Korea in November."



Source: Invest KOREA (May 22, 2023)