SK and Korea Forest Service Sign MOU to Strengthen Carbon Neutrality Activities

Creating a Public-Private Joint Model for Carbon Neutral Management

[Asia Economy Reporter Hwang Yoon-joo] SK Group has decided to collaborate with the Korea Forest Service to pursue carbon-neutral management based on forest greening.

On the 14th, SK announced that it signed a "Memorandum of Understanding for Mutual Cooperation on Carbon Neutral Activities and ESG Management," which includes actively utilizing the resources, information, networks, and related technologies owned by the Korea Forest Service to discover domestic and international forest projects while achieving ESG (Environmental, Social, and Governance) management goals.

Through this agreement, SK and the Korea Forest Service plan to create a public-private cooperation model for carbon-neutral management based on forest projects.

Specifically, SK and the Korea Forest Service will jointly promote ▲ the discovery and implementation of overseas forest projects for forest conversion and degradation prevention projects (REDD+) and carbon emission rights afforestation projects (A/R CDM) ▲ forest restoration, desertification prevention, and forest carbon offset projects for Land Degradation Neutrality ▲ the discovery of forest effect indicators and review of linkage plans to support corporate carbon neutrality and eco-friendly activities ▲ strengthening networks with domestic and international forest-related specialized institutions and building big data, leading carbon-neutral activities proactively.

Currently, SK Forestry is preparing to implement REDD+ projects to reduce greenhouse gases in Southeast Asian regions such as Laos and Vietnam through a partnership with the Korea Forest Service. Additionally, SK Forestry is promoting carbon offset projects in its 4,500-hectare forest holdings in Korea and is expanding carbon sinks through forest management by proxy targeting private forests domestically.

Kim Jun, Chairman of SK Environmental Business Committee, stated, "Together with the Korea Forest Service, we will preserve and restore forests through Nature-Based Solutions, creating meaningful achievements in ESG management such as carbon neutrality, biodiversity enhancement, and community support."

Choi Byung-am, Administrator of the Korea Forest Service, said, "Carbon neutrality and ESG management are global areas of interest, and we look forward to creating joint achievements through the agreement with SK Group," adding, "We will also strive to realize the government's 2050 carbon neutrality declaration ahead of schedule."