South Korea and North Korea to work on joint greenhouse gas project

• 8 years ago (2015-12-01)
• David Flin

Asia 849 Europe 1061 Renewables 752

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A report has said that the agreement between South and North Korea over a clean development mechanism (CDM) project to reduce greenhouse gas emissions will have an anticipated economic effect of $100 billion.

Jang Woo Seok, a Research Fellow at Hyundai Research Institute, has released a report, “South-North Korea Renewable Energy CDM Cooperative Project’s Potentials”. He said that North Korea can secure 8.902 TWh in photovoltaic power generation, 8 TWh in wind power generation, and 5 TWh in small hydropower generation annually. As a result, South Korea can secure annual certified emissions reductions (CERs) of 10.77 billion tonne, worth $96.43 billion.

Jang said: “Since North Korea has coal and hydropower based energy supply, and suffers from chronic power shortages, it is well positioned to launch CDM projects. Therefore, we should actively push ahead with the projects for domestic companies that are having difficulties in securing CERs. It will also help the South Korean Government’s ‘Green Détente’ plan. At the moment, when the competition is accelerating with neighbouring countries, such as China and Russia, for North Korea’s development, we can continue the momentum of conversation between the two Koreas with CDM projects.”