Daewoo E&C enters the international carbon market by earning its first carbon credits from the Patrind Hydropower Plant in Kashmir, Pakistan. (Yonhap)
Daewoo Engineering & Construction said Tuesday that it has earned its first revenue from sales of emissions credits through its hydropower plant project in Pakistan.
The Patrind Hydropower Plant, located near the village of Patrind in Kashmir, Pakistan, was completed in 2017 in a joint venture project between Daewoo E&C and the state-run Korea Water Resource Corp. The power plant now generates 630 gigawatt-hours of electricity a year.
The plant, registered to the UN as a Clean Development Mechanism project in 2013, has earned 418,000 tons of carbon credits for the renewable electricity it generates.
Daewoo E&C converted the emissions reduction credits into Korean offset credits to hop onto the nation’s emissions trading scheme. The builder said it raked in 12.6 billion won ($10.2 million) of revenue from selling the credits in the fourth quarter of last year.
“The Patrind hydropower project can cut 270,000 tons of carbon emissions a year, considering the plant’s generation capacity,” said a Daewoo E&C official. “We plan to expand on renewable energy projects in lockstep with trends towards carbon neutrality and ESG management.”
Daewoo E&C became part of the construction conglomerate Jungheung Group last month. Jungheung Group is the parent company of Herald Corp., publisher of The Korea Herald.
By Ahn Ju-hee (email@example.com