Cambodia, S. Korea Kick Off First Paris Carbon Credit Deal
(MENAFN) In a significant step toward climate action, Cambodia and South Korea have jointly launched the first-ever carbon credit initiative under Article 6 of the Paris Agreement, targeting emissions from the transport sector by promoting electric mobility, according to a joint press release issued Tuesday.
The official launch took place Monday afternoon in Phnom Penh, overseen by Cambodia's Environment Minister Eang Sophalleth and attended by around 150 participants.
The project is being spearheaded by South Korean firm Verywords Inc, a platform specializing in e-mobility and carbon neutrality. As part of its commitment, the company will donate 8,000 electric scooters for use by public sector workers across Cambodia, the press release stated.
To support this rollout, Verywords Inc will also deploy over 200 charging stations throughout the country and provide maintenance and support services for a period of two years.
According to the release, “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.”
It continued: “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.”
Minister Sophalleth highlighted Cambodia’s deep commitment to combating climate change and fostering sustainable development through global partnerships.
“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 stated.
He further explained that this target encompasses both conditional and unconditional commitments, amounting to roughly 64.6 million tonnes of CO₂ annually.
To meet this target, Sophalleth said Cambodia must rally financial resources and engage stakeholders—ranging from governments and private investors to development agencies and international collaborators—to work in unison toward achieving carbon neutrality by 2050.
The country has also been actively promoting the adoption of electric vehicles and motorcycles, citing their environmental benefits and cost-effectiveness for consumers.
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