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External Projects for Ship Greenhouse Gas Reduction

Overview of External Projects for Greenhouse Gas Reduction

External greenhouse gas (GHG) reduction projects refer to activities that achieve greenhouse gas emissions reduction, absorption, or removal outside the organizational boundaries of entities regulated under the Emissions Trading Scheme (ETS), using methods compliant with international standards.

Overview of the ETS Offset Scheme

The ETS Offset Scheme allows external project operators to sell their certified GHG reduction performance (KOC, Korean Offset Credit) to entities regulated under the ETS. Regulated entities can convert these purchased external project certificates (KOC) into Korea Credit Units (KCU, Korean Credit Unit), which can then be used for offsetting emissions or trading within the ETS market.

Ship Greenhouse Gas Reduction External Projects

Role of Korea Maritime Transportation Safety Authority (KOMSA)

According to Articles 29 and 30 of the Act on the Allocation and Trading of Greenhouse-Gas Emission Permits and Articles 47 and 48 of the Enforcement Decree of the Act on the Allocation and Trading of Greenhouse Gas Emission Permits, the Ministry of Oceans and Fisheries, as the competent authority, is responsible for evaluating and approving the feasibility of external projects

* External Project: A scheme allowing entities not regulated under the ETS to sell or trade verified GHG reductions in the market.

In accordance with Article 40 of the Act on the Allocation and Trading of Greenhouse-Gas Emission Permits and Article 57 of the Enforcement Decree of the Act on the Allocation and Trading of Greenhouse Gas Emission Permits, the Ministry of Oceans and Fisheries can delegate the verification of GHG reductions from external projects. KOMSA was designated as the entrusted agency in June 2019.

(Ministry of Oceans and Fisheries Notice No. 2019-79, June 12, 2019)

The Framework Act on Carbon Neutrality and the Act on the Allocation and Trading of Greenhouse-Gas Emission Permits assign competent authorities according to different industrial sectors. KOMSA is exclusively responsible for the delegated duties concerning the maritime transport sector under the Ministry of Oceans and Fisheries.

According to Article 18, Paragraph 1 of the Enforcement Decree of the Framework Act on Carbon Neutrality, the Ministry of Oceans and Fisheries is the competent authority for maritime, fisheries, shipping, and port sectors, with KOMSA performing delegated tasks specifically in the shipping sector.

Major Tasks

(Development of methodologies)Development and proactive registration of practical methodologies are essential. KOMSA, as the delegated agency, supports the development of effective methodologies. Additionally, KOMSA provides consulting services to external project operators to facilitate methodology development.
(Feasibility assessment of external projects)Assessment of methodology suitability, appropriateness of emission calculations, and verification of duplication with other registered external projects.
* Guidelines for Feasibility Assessment and Certification of External Project Reductions, Article 13
(Certification of GHG reductions)Verification of calculated emissions reduction according to approved methodologies.
* Guidelines for Feasibility Assessment and Certification of External Project Reductions, Article 32