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Korea, the Philippines join forces to stop climate change

Source : Ministry of Knowledge Economy

As part of ongoing efforts to address the threat of combat climate change by providing assistance to developing countries, the Ministry of Knowledge Economy has signed two agreements with the Philippines.

These agreements, concluded on the sidelines of recent talks between Korea and the Association of Southeast Asian Nations, will enable the Southeast Asian country to reduce greenhouse gas emissions.

Korea will help the Philippines nurture experts and build a strong infrastructure for measures to address climate change. In addition, the two countries will actively exchange information on Clean Development Mechanism (CDM) projects.

As the Philippines now has 27 projects endorsed and registered with the CDM Executive Board of the United Nations Framework Convention on Climate Change (UNFCCC), the country is likely to become one of the most attractive investment destinations for CDM projects. Considering the significant business interests of Korean companies in CDM markets, the two countries will undoubtedly uncover many more opportunities for cooperation. 

Under the Kyoto Protocol, the Clean Development Mechanism allows industrialized countries with commitments to reducing or limiting emissions to gain carbon credits by investing in projects that reduce emissions in developing countries. For more information, please visit the UNFCCC Web site.

*Press release (June 15)

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