South Korean construction company SK E&C is speeding up the process to secure certified emission reduction credits in Korea and Vietnam, paving the way for potential renewable business opportunities in the future, the firm said Monday.

The Seoul-based builder has so far committed to two Programs of Activities, one that is a modality of project development under the Clean Development Mechanism of the United Nations Framework Convention on Climate Change and the other organized by the Environment Ministry.

THE UNFCCC’s CDM Program of Activities was designed to help reduce greenhouse gas emissions through which companies can receive emission credits from the UN in proportion to their emission reduction efforts, which can be either used or sold.

Under the plan, SK E&C said it is on course to secure the right to release 2 million tons of emissions per year and generate some 75.2 billion won ($67.5 million) in revenue.

Earlier this month, the company registered its renewable energy generation project in Vietnam as a clean development mechanism business, becoming the first private company from South Korea to do so.

The move will help its solar and wind power generation businesses in the Southeast Asian country.

Last year, SK E&C signed a memorandum of understanding with a local solar power firm to secure business projects in areas preferable for the purpose, with a 2-gigawatt solar power project currently in development.

The construction company also joined a similar emissions trading scheme in Korea in March as part of its environmental, social and corporate governance efforts.

“The registration of the two programs at home and abroad are meaningful in that they will speed up the process of securing emission allowances through renewable energy projects,” an official at SK E&C said.

By Yim Hyun-su (hyunsu@heraldcorp.com)