Asia Forest Cooperation Organization Promotes Global Carbon Credit Afforestation Project

Memorandum of Understanding Signed with Climate-Focused Asset Management Firm

The Asia Forest Cooperation Organization (AFoCO, Secretary-General Park Jong-ho) announced on the 11th that it signed a Memorandum of Understanding (MOU) with CAM (Climate Asset Management), a climate-specialized asset management company based in London, UK, on the 3rd for the 'Asia Regional Carbon Emission Rights Afforestation Project.'

Park Jong-ho, Secretary-General of the Asia Forest Cooperation Organization (center), is taking a commemorative photo after the MOU signing ceremony.

Both parties plan to invest in a $20 million forest greening project over the next five years targeting all member countries of the Asia Forest Cooperation Organization, aiming for landscape restoration and carbon emission rights generation. Starting in 2024, afforestation projects for carbon emission rights will be promoted in Laos and Cambodia, and the project will be expanded to all AFoCO member countries including Kyrgyzstan and Mongolia in the future.

The Asia Forest Cooperation Organization is an international organization established in 2012 to promote climate change response, sustainable forest management, and strengthen forest cooperation. Sixteen Asian countries including Korea, Indonesia, Vietnam, and Kazakhstan are members.

Secretary-General Park Jong-ho expressed his ambition, stating, “AFoCO will contribute to forest greening, achieving climate goals, and carbon neutrality in each member country.”