South Korea Pins Hopes on its Cooperation with Honduras About Energy and Climate Change

Published By : 20 Jul 2015 | Published By : QYRESEARCH

President Park Geun-hye and Honduran, Juan Orlando Hernandez – her counterpart joined forces and cooperated in the energy industry to cut greenhouse gas emissions on Monday. The rise in greenhouse gas emissions leads to global warming. 

Among many other things, both the leaders observed the call for cooperation and signing of memorandums of understanding in the light of supplying electric cars and improving the overall power transmission facilities. The meeting also called together the creation of charging stations in Honduras. 

Honduras imports around one-fifth of electricity to neighboring countries. In comparison to the average of 12 percent in South and Central America, Honduras loses 32 percent of its electricity in distribution and transmission. 

During the meet, the MOU also highlighted the need for energy self-satisfied villages in Honduras. This could be achieved by utilizing energy-saving and renewable energy devices. 

South Korea has very recently planned on cutting down on greenhouse gas emissions by 37% by the end of 2030 from a value of 850.6 million tons of CO2 equivalents. According to Seoul this value would be attained if South Korea allowed its business to run as usual. Nevertheless, South Korea expects that its alliance with Honduras in boosting the energy efficiency could be acknowledged in the international community.

By 2030, South Korea’s contribution will result to 25.7% from the country’s overall business. The other 11.3% share will be attained in the form of purchase of carbon credits to counterbalance the harmful emissions. 

Summit between Hernandez and Park was in the hope that both the countries would be able to boost the trade and investment through a free trade agreement between six Central American countries and South Korea. In June, these regions declared the official launch of negotiations for a free trade agreement. 

The six countries Panama, Guatemala, Honduras, El Salvador, Costa Rica, and Nicaragua make up the fifth-largest market in South and Central America in terms of gross domestic product. The trade between the six countries and South Korea reached a value of US$5 billion in 2014. 

South Korea has sealed a series of free trade agreements with majority of the trading partners in the U.S. and China as part of its efforts to thrive high growth in the country’s export-driven economy. 
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