POSCO Future M to Create 'Carbon Offset Forest'

At the first planting event held on the 16th near the Gyejoksan Mountain close to the Yangsan cathode material plant, Kim Jun-hyung, President of POSCO Future M (left in the photo), and Yang Jae-soon, Chairperson of Moira Social Cooperative, are planting cypress saplings. Photo by POSCO Future M

POSCO Future M is creating a 'carbon offset forest' by planting trees with excellent carbon absorption rates near its nationwide business sites in Pohang, Gwangyang, Sejong, and Seoul.

On the 16th, POSCO Future M held its first planting event near Gyejoksan Mountain close to the Gwangyang anode material factory and announced this plan. The carbon offset forest is an eco-friendly afforestation project in which companies and local governments plant trees with high carbon absorption rates and receive official certification of the amount of absorbed carbon dioxide from the Korea Forest Service. The purpose is to respond to climate change by restoring aging forests and increasing the amount of carbon absorbed per unit area.

POSCO Future M plans to plant 100,000 trees over an area of 100 hectares near its nationwide business sites by 2030 to create the carbon offset forest. The forest area is approximately equivalent to 143 soccer fields, and the amount of reduced carbon is about 510 tons, which corresponds to the annual average emissions of 320 internal combustion engine passenger cars as of 2030.

The 'Moira Social Cooperative' is also participating in the carbon offset forest creation project.

This cooperative is a non-profit organization that supports healing, rehabilitation, and entrepreneurship for people with disabilities and their families through forestry and agricultural activities, providing the land necessary for the carbon offset forest. POSCO Future M plans to support the establishment of the 'Neurin Forest Cafe' operated by the cooperative near the forest along with the forest creation. At the planting event, about 130 people including POSCO Future M employees, POSCO MC Materials, P&OChemical, and partner company representatives planted approximately 1,000 cypress trees. Cypress trees are known for their excellent carbon absorption and fine dust reduction capabilities.

Kim Jun-hyung, CEO of POSCO Future M, said at the event, "We will expand the carbon offset forest nationwide to respond to climate change," adding, "We will continue to practice the corporate citizenship management philosophy that aims to fulfill our roles and responsibilities for coexistence and co-prosperity."

Meanwhile, POSCO Future M received an integrated A grade, one level higher than last year, in the 2023 ESG (Environmental, Social, and Governance) evaluation for domestic listed companies announced last month by the Korea ESG Standards Institute.