Woori Financial Group Collaborates with International Organizations to Revive 'Forest'

Son Tae-seung, Chairman of Woori Financial Group, and Ricardo Calderon, Secretary-General of the Asian Forest Cooperation Organization (AFoCO), are signing a memorandum of understanding for "Mutual Cooperation on Climate Crisis Response and ESG Management through Sustainable Forest Management." Photo by Woori Financial

[Asia Economy Reporter Song Seung-seop] Woori Financial Group announced on the 22nd that it has signed a Memorandum of Understanding (MOU) with the Asian Forest Cooperation Organization (AFoCO) for "mutual cooperation in responding to the climate crisis and ESG management through sustainable forest management."

AFoCO is the first international organization in the forestry sector established under the leadership of South Korea. Its goal is to promote climate change response and sustainable forest management in the Asian region. It was established in 2018 to strengthen forest cooperation. It has 13 member countries including South Korea and 3 observer countries such as Singapore.

Through the agreement, Woori Financial Group will engage in Reducing Emissions from Deforestation and Forest Degradation (REDD+) projects. It will develop and implement joint programs that contribute to forest restoration and biodiversity conservation. The group will promote public-private cooperation activities to strengthen ESG (Environmental, Social, and Governance) management and operate global education and training programs related to forests and ecosystems. It also plans to cooperate in the dissemination of knowledge and technology about forests. At the end of next month, as the first project, forestry experts will be dispatched to Cambodia to conduct a preliminary feasibility study for the REDD+ project.

Son Tae-seung, Chairman of Woori Financial Group, said, "The Earth, our home, is facing increasingly severe environmental destruction, making international cooperation for natural restoration more urgent than ever," adding, "Together with AFoCO, we will take action now through cross-border forest cooperation so that our children can live in a better world."