Sharing eco-friendly business achievements with the Korean government
Expected to reduce a total of 680,000 tons of emissions by 2035
Korea will secure 90% of the reduction credits
A Korean company has contributed to achieving Korea’s greenhouse gas (GHG) reduction targets by carrying out an eco-friendly business overseas. The company is VERYWORDS, which produces and sells electric motorbikes in Cambodia.
According to the Ministry of Trade, Industry and Energy on the 27th, the Cambodian government recently approved VERYWORDS’ local electric motorbike production and sales project as an International Greenhouse Gas Reduction Project. Although the production facility is in Cambodia, the “GHG reduction credits” will benefit Korea. This is based on Article 6.2 of the Paris Agreement, which allows part of the emission reductions from eco-friendly projects in developing countries to be transferred to the project’s home country if approved by the host country.
VERYWORDS is expected to generate a total of 680,000 tons of GHG reduction credits in Cambodia by 2035 through electric motorbike sales starting this year. Of this, 68,000 tons will go to the Cambodian government, while 400,000 tons will be transferred to the Korean government. The ministry will purchase these 400,000 tons for 6 billion KRW (about 60 million USD) at 14,864 KRW per ton, thereby securing them as part of Korea’s emission reduction record. The remaining 212,000 tons belong to VERYWORDS, which can be used for additional government sales or traded in carbon markets.
Typically, developing and developed countries split the reduction credits 50:50, but in this case, Cambodia transferred about 90% of the credits to Korea and VERYWORDS.
Kim Sung-woo, CEO of VERYWORDS, said,
“For Cambodia, this means attracting Korean capital, securing production facilities, and promoting the spread of electric motorbikes. As sales increase, Cambodia can secure a larger share of the reduction credits in the next decade, which is why they agreed to a bigger concession in the early stage.
Founded in 2017 in Pohang, South Korea, VERYWORDS established Cambodia’s first electric motorbike production facility two years ago with support from KOICA (Korea International Cooperation Agency) in the Kien Svay Industrial Complex, about 20 km from Phnom Penh.
VERYWORDS also adopted a battery subscription model, reducing the price of electric motorbikes to $1,600, cheaper than internal combustion engine motorbikes ($2,600). Kim stated:
“Our production target this year is 12,000 units, and we plan to expand to 70,000 units next year. By 2028, we expect to generate over 370 billion KRW in revenue.”
Source | Korea Economic Daily, July 27, 2025
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