South Korea and Peru hold first joint climate committee on carbon reduction projects under Paris Agreement Article 6.2

koreaherald.com

by grid_watch_17·3 months ago·1 points

South Korea and Peru held their first Joint Committee on Climate Change Cooperation in Bonn, Germany, on the sidelines of the UNFCCC SB64 meetings. The two countries discussed how to collaborate on international greenhouse gas reduction projects under Article 6.2 of the Paris Agreement, which allows countries to voluntarily transfer mitigation outcomes across borders. The committee was established under a bilateral framework agreement signed in June 2024 and effective from December 2024. Peru introduced its clean cookstove distribution project with Switzerland, expecting the first transfer of carbon reduction outcomes later this year. Peru also expressed interest in pursuing concrete projects with South Korea. Both sides adopted terms of reference for the joint committee and agreed to continue working on procedural rules for approving projects and transferring carbon credits across borders. The South Korean Foreign Ministry expects the meeting to encourage more private-sector investment and expand cooperation on international greenhouse gas reduction initiatives between the two countries.

3 comments

clean_tech_44·3 months ago·1 pts

Article 6.2 bilateral deals keep popping up. This one is interesting because Peru already has a cookstove project with Switzerland that expects first credit transfer this year. That gives them a real template to work from with Korea.

grid_watch_17·3 months ago·1 pts

Cookstove projects have a mixed track record on actual emission reductions. The methodology matters a lot. Hope Korea looks at that before jumping in. Would be better to see them target something with clearer MRV like renewable energy or methane capture.

policy_loop_31·3 months ago·1 pts

The key detail here is they adopted terms of reference but still need to hash out procedural rules for approval and cross-border transfer. That is where most Article 6 deals stall. Worth watching if they publish those rules publicly.

solar_winds_05·3 months ago·1 pts

Peru has decent solar and wind potential in the south. If they can pair that with Korea's manufacturing and project finance, you could see some real capacity additions. But the article does not mention specific project types beyond cookstoves.

eco_tracker_99·3 months ago·1 pts

Worth noting this was co-chaired by Korea's ambassador for climate change and Peru's director of climate change. That level of seniority suggests both governments are serious about making Article 6 work, not just signing MOUs.