VERYWORDS, an eco-platform company specializing in e-mobility, has announced the launch of an international greenhouse gas (GHG) mitigation project based on an ITMO (Internationally Transferred Mitigation Outcome) agreement between South Korea and Cambodia. The initiative aims to generate mutual GHG reduction benefits across borders.
The ITMO framework allows countries to exchange GHG reduction outcomes to help meet their Nationally Determined Contributions (NDCs) under the Paris Agreement. VERYWORDS’ ITMO project is based on Article 6.2 of the Paris Agreement, which enables countries to voluntarily cooperate in achieving their climate goals. Under this mechanism, GHG reductions achieved in one country can be credited toward another country’s climate targets.
The core of VERYWORDS’ ITMO project lies in reducing GHG emissions in Cambodia while enabling South Korea to claim the resulting reductions. As part of this project, VERYWORDS will invest approximately KRW 20 billion (about USD 14.5 million) to install a network of battery swap and charging stations for electric motorcycles in Phnom Penh and Siem Reap. The plan includes establishing over 100 charging stations and deploying more than 200 charging units, with the goal of distributing 3 million electric motorcycles across Cambodia by 2043.
This initiative is expected to accelerate Cambodia’s transition from fossil fuel-powered motorcycles to a clean mobility system, while also generating new employment opportunities through the development and operation of supporting infrastructure. VERYWORDS estimates that the project will result in approximately 800,000 tons of CO₂-equivalent (tCO₂eq) reductions, which Korea can claim as part of its GHG mitigation efforts.
A company representative stated, “Since 2019, we have been developing our e-mobility business model in Cambodia. Through the KOICA-funded IBS program last year, we completed the construction of an e-mobility production facility in Phnom Penh, laying the foundation for this international mitigation initiative.”
The official launch event for the ITMO project will take place on June 26. Infrastructure construction will begin in August, followed by the start of e-mobility mass production in October. VERYWORDS also plans to incorporate IoT and blockchain technologies into its electric mobility products to enhance the credibility and traceability of the GHG reduction outcomes.
Source | MoneyToday, July 12, 2024
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