Hanwha Hotels & Resorts Registers as External Project for Sokcho Carbon Emission Trading System

Sokcho City Hall Signs Business Agreement with Korea Forestry Promotion Institute
100-Year Forest Project Underway

Hanwha Hotels & Resorts signed a business agreement on the 5th with Sokcho City Hall and the Korea Forestry Promotion Institute to register the Sokcho '100 Years Forest' carbon credit trading external project.

Kim Myung-gil, Chairman of Sokcho City Council (from the left), Lee Byung-sun, Mayor of Sokcho, Cho Hyun-guk, Director of Korea Forestry Promotion Institute, and Kim Hyung-jo, CEO of Hanwha Hotels & Resorts, are planting a commemorative tree.
[Photo by Hanwha Hotels & Resorts]

Carbon credits are a system that regulates companies to emit greenhouse gases only within a certain range. If contributions to forest recovery through external projects such as new forest creation and restoration of damaged areas are recognized, carbon credit trading becomes possible. Through this business agreement, Hanwha Hotels & Resorts, Sokcho City Hall, and the Korea Forestry Promotion Institute will join forces to register the Sokcho wildfire-damaged area as an external project under the carbon credit trading system.

Since last year, Hanwha Hotels & Resorts has started the Sokcho 100 Years Forest project to restore 43 hectares (130,000 pyeong) of wildfire-damaged forest in Sokcho. Sokcho City Hall announced its goal as a carbon-neutral leading city in 2022 and has continued proactive efforts such as establishing a carbon neutrality team. Once the Sokcho 100 Years Forest is registered as an external project under the carbon credit trading system, it will become the first domestic carbon reduction project site for reforestation restoration of wildfire-damaged areas.

Kim Hyung-jo, CEO of Hanwha Hotels & Resorts, said, "Part of the Sokcho 100 Years Forest will be developed as a wildfire damage-themed forest, transforming it into a place where people can reflect on the value of nature." He added, "In addition to public contributions such as carbon absorption, we are also preparing various themed wellness new businesses that utilize it as a tourism resource, including forest recreation."