Hanwha Hotels & Resorts Advances '100 Years Forest' Project in Sokcho Following Yangpyeong

Leading the Ecological Recovery of Wildfire-Affected Areas

The summit of Yangpyeong's 100-year-old forest.

[Asia Economy Reporter Yuri Kim] Hanwha Hotels & Resorts announced on the 30th that it is promoting the '100 Years Forest' project in Sokcho City following Gangwon Yangpyeong-gun.

Since 2018, Hanwha Hotels & Resorts has been focusing on greenhouse gas absorption activities centered on 'nature-based solutions' as a way to achieve carbon neutrality. Through the '100 Years Forest' project conducted over approximately 760ha (2.32 million pyeong) in the Yangpyeong-gun area, they are planting trees with excellent carbon absorption and air purification capabilities and pursuing sustainable forest management by continuously nurturing the forest. As a result, on the 18th, they were selected as the final support business operator in the '2022 Forest Sector Emissions Trading Scheme External Project, etc.'

Through the Sokcho '100 Years Forest' project, 43ha (130,000 pyeong) of wildfire-damaged land from 2019 will be restored into healthy forest, and a wildfire damage monument will be installed. The area is planned to be developed into a disaster recovery themed forest. Upon completion of the Yangpyeong and Sokcho projects, it is expected to absorb about 10,000 tons of carbon over 20 years.

Even if carbon emission trading becomes possible through this project in the future, the expected annual revenue is about 15 million KRW, which is far below the 15 billion KRW that Hanwha Hotels & Resorts is investing in the '100 Years Forest' project. Nevertheless, the reason for focusing on sustainable forest management is not only the carbon absorption effect but also to enhance public values such as biodiversity conservation and to provide tourism resources like forest recreation and services. Based on this, Hanwha Hotels & Resorts is preparing various green business industries including wellness, forest therapy, and healing forests.

Kim Hyung-jo, CEO of Hanwha Hotels & Resorts, said, "The Sokcho '100 Years Forest' project is about planting a small seed of hope to restore wildfire-damaged areas and create beautiful forests," adding, "Rather than immediate profits, we will create a sustainable future through ESG (Environmental, Social, and Governance) management suited to our business."