The agreement is intended to build an institutional framework for bilateral emissions-reduction projects based on Article 6 of the Paris Agreement. It covers joint project implementation; measurement, reporting and verification of reductions; and the issuance, transfer and corresponding adjustment of reduction outcomes, among other elements of international mitigation projects.
A separate MOU on joint development by public and private consortia was also signed. The Sudokwon Landfill Site Management Corp. is pursuing an international mitigation project in Bolivia that would incinerate landfill gas at two landfill sites and link it to power generation. The ministry said the effort is expected to help with on-the-ground implementation of such projects.
The ministry said it plans to form a joint committee with Bolivia and draw up detailed rules for carrying out the projects.
Second Vice Minister Lee Ho-hyeon said the climate crisis is “a shared task for humanity that cannot be solved by the efforts of one country alone,” adding that the Bolivia project would be “a key policy tool” for both countries to meet their national greenhouse gas reduction targets, known as NDCs.
* This article has been translated by AI.
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