Cambodia and South Korea have launched a project under Article 6.2 of the Paris Agreement to reduce emissions and generate carbon credits by increasing e-mobility in Cambodia.
The project will reduce around 680,000t of CO2 equivalent (CO2e) through the deployment of electric motorcycles and development of charging infrastructure over the 10-year period of 2025-2034, announced Cambodia's Ministry of Environment and South Korea's Ministry of Trade, Industry and Energy (Motie) on 21 July.
"This is the first approved outcome of South Korea's investment support programme, launched in 2023, which provides upfront financing to South Korean companies and recovers the investment later in the form of carbon credits," said a Motie representative.
South Korean e-mobility and carbon neutrality platform VeryWords has committed to donating 8,000 electric scooters for use by public officials across Cambodia. In addition, the company plans to install more than 200 charging stations nationwide and provide two years of aftersales service.
South Korea will receive around 60pc of the reduction in emissions in the form of carbon credits, to count towards its Nationally Determined Contribution (NDC), or climate target.
South Korea's current NDC under the Paris Agreement is to reduce greenhouse gas (GHG) emissions by 40pc from 2018 by 2030. The government announced in February that it would submit its 2035 GHG emissions reduction goal to the UN in September.
