Hyundai Department Store Group and Korea Forest Service to Create 100,000-Pyeong 'Carbon Neutral Forest'

MOU to Strengthen Carbon Neutral Activities and ESG Management
Experiential Forest Creation Centered on Hyundai Livart

[Asia Economy Reporter Kim Bo-kyung] Hyundai Department Store Group is partnering with the Korea Forest Service to create the country's largest 'Carbon Neutral Forest.'

Hyundai Department Store Group announced on the 18th that it will sign a business agreement with the Korea Forest Service on the 20th to promote carbon neutrality activities, including the creation of a carbon neutral forest, and to strengthen ESG (Environmental, Social, and Governance) management.

Through this agreement, both parties will jointly carry out afforestation projects and also engage in hosting international carbon neutrality events and supporting eco-friendly activities. They plan to conduct related projects such as developing indicators for carbon reduction effects resulting from the creation of the carbon neutral forest and actively cooperate in building networks with domestic and international organizations.

A carbon neutral forest refers to a forest established to reabsorb carbon dioxide emitted through daily life and industrial activities. This project is jointly promoted by the Korea Forest Service along with private companies and civic groups.

The carbon neutral forest to be created by Hyundai Department Store Group will cover up to 33 hectares (approximately 100,000 pyeong), with about 100,000 trees to be planted by 2025. The locations and tree species for the carbon neutral forest will be selected, and starting next year, Hyundai Livart, an affiliate of Hyundai Department Store Group, will lead the creation of an experiential forest.

Hyundai Department Store Group plans to regularize tree planting and forest care events involving customers and employees, and continuously introduce customer participation social contribution content such as experiential education programs that raise awareness of the value of forests and the importance of carbon neutrality activities.

A Hyundai Department Store Group official said, "The need for afforestation projects to reduce greenhouse gases, the main cause of abnormal climate phenomena, is growing worldwide. With this agreement with the Korea Forest Service, a platform will be established where not only employees but also customers can participate together in carbon neutrality activities."