Five public institutions and SK Forestry join forces to lead forest carbon neutrality, jointly purchasing 600 tons of forest carbon credits
A Korea Forest Service agency and five ESG-focused public institutions have taken a leading role in forest carbon neutrality efforts.
The Korea Forestry Promotion Institute, a Korea Forest Service affiliate, announced Tuesday that it had carried out a "Public Institution Collaborative Forest ESG Program" with five public institutions and SK Forestry to address the climate crisis and enhance forests' carbon absorption capacity.
The program brought together five public institutions — the Korea Institute of Planning and Evaluation for Technology in Food, Agriculture and Forestry; the Korea Institute of Marine Science and Technology Promotion; the Korea Environment Institute; the Korea Energy Technology Evaluation and Planning Institute; and the Korea Health Industry Development Institute — along with SK Forestry.
SK Forestry provided education on ESG management practices through forest afforestation projects, while the Korea Forestry Promotion Institute covered the principles of forest carbon absorption, the role of forests in achieving carbon neutrality, and the importance of managing forest carbon sinks. Participating institutions then discussed ways to practice carbon neutrality in the forest sector in line with each organization's ESG strategy.
The participating institutions also jointly purchased 600 tons of forest carbon credits. The purchase is expected to help secure funding needed to strengthen forests' carbon absorption capacity and raise public awareness of the value of forests.
The program is considered particularly significant for bringing together multiple public institutions and a private company, establishing a model for ESG cooperation.
Building on this collaboration, the Korea Forestry Promotion Institute plans to expand its partnerships with participating institutions, develop a wider range of forest carbon-related ESG programs, and promote the public value of forests.
"This program was a meaningful occasion in which public institutions jointly purchased 600 tons of forest carbon credits to directly practice carbon neutrality and raise awareness of forests' carbon absorption capacity and value," said Choi Mu-yeol, president of the institute. "Going forward, we will actively work to expand carbon neutrality practices using forest carbon credits and strengthen public-private cooperation so that ESG in the forest sector can take root more broadly."
kwonhl@heraldcorp.com
