Korea Forest Service and Chamber of Commerce Collaborate to Promote Forest Carbon Trading for 'Carbon Neutrality' Contribution

On the 23rd, the Korea Forest Service announced that it signed a business agreement with the Korea Chamber of Commerce and Industry to contribute to carbon neutrality by linking the Forest Carbon Offset Project with the Carbon Reduction Certification Center.

Imira, Deputy Director of the Korea Forest Service (fourth from the left), is taking a commemorative photo after signing a business agreement for the activation of the carbon market with the Korea Chamber of Commerce and Industry on the 23rd. Photo by Korea Forest Service

The Forest Carbon Offset Project is a system where forest owners, companies, and local governments engage in activities that enhance forest carbon sinks, such as afforestation, forest management, urban forest creation, and the use of wood and forest biomass energy, and then trade or utilize the certified absorption amounts in the market or for social contributions.

The agreement includes provisions to enable the trading of forest carbon absorption amounts secured through this project via the Carbon Reduction Certification Center managed and operated by the Chamber of Commerce and Industry.

Based on this, companies will be able to safely and transparently trade forest carbon absorption amounts through the Chamber of Commerce and Industry’s Carbon Reduction Certification Center, which features a function to prevent double trading.

Additionally, forest carbon absorption amounts can be utilized to practice carbon neutrality, environmental and social contributions, and transparent management (ESG).

The Korea Forest Service plans to conduct a pilot project targeting companies until the end of this year and then expand the target to forest owners from next year to fully operate the project.

Imira, Deputy Director of the Korea Forest Service, said, “Taking this agreement with the Chamber of Commerce and Industry as an opportunity, we will enhance the reliability of the Forest Carbon Offset System by strengthening the transparency of carbon trading and reduction activities.”