SEOUL, Apr. 23 (Korea Bizwire) — The agriculture ministry has announced plans for major park projects that should reduce greenhouse gas emissions and generate profits for the private enterprises that develop them.
According to the Ministry of Agriculture, Food and Rural Affairs on Sunday, major park projects in Saemangeum and North Gyeongsang Province will be undertaken by private companies. The companies that take on the environment-friendly projects will receive emissions credits in return for verifiable emissions reductions.
The two projects are the first to be approved as business projects linked to emission credits.
The new initiative is part of efforts to boost emission trading, which allows companies to exchange leftover emission allowances to generate additional revenue.
Both of the projects are long-term, with the two parks expected to be developed over the next 30 years.
The new parks will feature 25 hectares of forested land, roughly the size of 35 football stadiums, and should contribute to the reduction of 190 tons of carbon dioxide emissions each year.
Over a 30-year period, the 5,700 tons of emissions reductions are expected to generate 130 million won in profits from sales of emissions credits.
The Ministry of Agriculture is also planning to ramp up promotional activities to encourage more businesses to participate in its greenhouse gas reduction projects.