Woori Financial Group Conducts Forest Conservation Activities in Cambodia

[Asia Economy Reporter Song Seung-seop] Woori Financial Group announced on the 16th that it conducted a 'REDD+ Feasibility Study' in Cambodia.

REDD+ stands for Reducing Emissions from Deforestation and Forest Degradation. It is a project to reduce greenhouse gases through forest conservation in developing countries, first proposed at the United Nations Framework Convention on Climate Change (UNFCCC) Conference of the Parties. In addition to reducing greenhouse gases, it is characterized by creating various social values such as biodiversity conservation, poverty alleviation in developing countries, and income generation for local communities.

In June, the Korea Forest Service selected Woori Financial Group as the company to carry out the 'Private Sector REDD+ Feasibility Study Support Project.' Accordingly, Woori Financial Group plans to proceed with the project after signing a memorandum of understanding with the Asian Forest Cooperation Organization (AFoCO), which has extensive experience in international forest cooperation and is promoting public-private cooperation for REDD+.

Currently, Woori Financial has dispatched nine domestic and international expert survey members to Cambodia in cooperation with AFoCO and the Cambodian Forestry Administration for the feasibility study. The survey team will visit 15 forest areas in the region, discuss with the government and local residents, finalize the project sites, and proceed with conservation projects.

Son Tae-seung, Chairman of Woori Financial Group, said, "International forest cooperation is more urgently needed than ever to respond to the global climate crisis and ensure sustainable forest management," adding, "We will actively respond to the climate crisis and take the lead in biodiversity conservation by cooperating with the international community through the REDD+ project."