The CDM is defined in the Kyoto Protocol and allows a country with an emission-reduction or emission-limitation commitment to implement an emission-reduction project in developing countries. Such projects can earn saleable certified emission reduction (CER) credits, each equivalent to one tonne of CO2, which can be counted towards meeting Kyoto targets.
The 72nd meeting of the CDM board, held in Bonn, Germany, officially designated KR as an operational entity authorized to verify CDM projects in three business sectors – energy, transport and waste.
KR is the first Korean maritime organization to be given this accreditation and one of only 44 companies in the world.
KR will now provide a variety of verification services and expand its GHG verification business into the international market.
On receiving the authorization, Dr. Mann-eung Kim, Executive Vice President of KR’s New Growth Industry Division said:
“The CDM authorization provides the platform for us to deliver comprehensive verification services to shipping and overland transport sectors. This will enable KR to make a significant contribution to the sustainable growth of world’s maritime industry”.
In 2009, KR launched a special division for dealing with GHG emissions and since then it has provided total GHG verification services to maritime and overland transport companies.
The Korean Register of Shipping is an IACS member classification society established in 1960 with the purpose of promoting safety of life, property and the protection of the marine environment.