On the sidelines of President Lee Myung-bak's recent visit to Mexico, Minister of Knowledge Economy Choi Kyunghwan and Mexican Minister of Energy Georgina Kessel Martínez initiated a green partnership.
It was a step toward the realization of a common energy conservation target: Both Korea and Mexico intend to cut carbon dioxide emissions 30 percent by 2020 compared with the business as usual level.
The two Ministers signed a memorandum of understanding on energy efficiency and also discussed a joint project to benefit Mexican manufacturing companies. Before the end of this year, working-level delegates from Korea and Mexico will meet and designate specific energy-saving companies (ESCOs) in both countries to participate.
The ESCOs, which specialize in energy-saving solutions, will work together to assess how much energy their Mexican client companies are using and how they can improve with the aid of highly energy-efficient equipment.
The ESCOs will cover the initial costs of installing the equipment, and the client companies will pay in installments with the money they would otherwise have spent on energy bills.
Both sides bring excellent strengths to the project. Korea has a well-developed manufacturing base, while Mexico is actively pursuing diverse energy conservation programs.
SOURCE: APEC VC Korea
