The new venture is a greenhouse gas emission reduction project carried out by companies and facilities not directly subject to emissions trading. (Image: EunHo sung from Flickr)
SEOUL, Aug. 2 (Korea Bizwire) — In a bid to reduce greenhouse gas emissions, a project to develop boilers for agricultural facilities will use geothermal heat and wooden pellets as eco-friendly energy sources.
The greenhouse gas emission reduction project, which uses ground heat pumps and wooden pellet boilers for the first time in the agricultural sector, received the final approval as an external business of the emission trading scheme under the ‘Act on Trade and Allocation of Greenhouse Gas Emissions’, according to the Ministry of Agriculture, Food and Rural Affairs (MAFR) on July 31.
The new venture is a greenhouse gas emission reduction project carried out by companies and facilities not directly subject to emissions trading.
Under the scheme, greenhouse gas emitting companies are to support initial installation costs of gas reduction facilities and external business registration, which will subsequently allow the companies to secure emission rights equal in value to the financial support provided to farmers.
Farmers can also generate additional income by selling emissions reductions that exceed the installation cost of the equipment on the emissions trading market.
The projects approved for this term will be carried out in the farming regions of Hongseong and Nonsan, both located in South Chungcheong Province.
The greenhouse gas emission reduction project with Hongseong farmers will be implemented by replacing their oil-burning and electric boilers for both heating and air conditioning with ground heat pumps at their horticultural facilities.
The farmers in Nonsan are due to reduce emitted greenhouse gas by substituting wooden pellet boilers for oil burning boilers to heat their horticultural facilities, which is expected to result in the reduction of 1,785 tons of greenhouse gas emissions for the next seven years. The MAFR is planning to hold information sessions in cities and provinces across the nation starting next month to increase farmer participation in the greenhouse gas reduction project.
Kevin Lee (kevinlee@koreabizwire.com)
