PHNOM PENH, July 22 (Xinhua) -- Cambodia and South Korea have launched the first carbon credit project under Article 6 of the Paris Agreement, aiming to reduce transport-related emissions through investment in electric mobility, said a joint press release on Tuesday.
Cambodia's Environment Minister Eang Sophalleth presided over the launch event in Phnom Penh on Monday afternoon, with some 150 participants.
The project developer, Verywords Inc, a South Korean e-mobility and carbon neutrality platform company, has committed to donating 8,000 electric scooters for use by public officials across Cambodia, the press release said.
In addition, the company will install more than 200 charging stations nationwide to promote e-mobility and provide two years of after-sales service, it added.
"The project aims to significantly reduce carbon emissions --approximately 683,000 tonnes of carbon dioxide equivalent over a decade -- with 90 percent of the mitigation outcomes being transferred to South Korea," the press release said.
"This partnership not only supports Cambodia's zero-carbon goals and low-carbon economic transition, but also fosters green job creation and paves the way for future international climate finance opportunities," it added.
Sophalleth emphasized Cambodia's strong commitment to addressing climate change and promoting sustainable development through international cooperation.
"Cambodia is in the process of finalizing its third updated Nationally Determined Contribution (NDC 3.0), which sets an ambitious target of a 54 percent reduction in greenhouse gas emissions by 2035," he said.
He added that this reduction is expected to be both conditional and unconditional, equating to about 64.6 million tonnes of carbon dioxide every year.
The minister said that to achieve this ambitious goal, the kingdom needs to mobilize financing and relevant stakeholders, including governments, private investors, development institutions and international partners, to work together towards a carbon neutrality target by 2050.
Cambodia has been encouraging people to use electric vehicles and electric motorcycles, as they are environment-friendly and save users' money. ■
