Memorandum of understanding between Verra, Korea Forest Service, and SK Forest will enable capacity building in voluntary carbon market
Sharm El-Sheikh, 11 November | At COP27, the Korea Forest Service (KFS) and SK Forest have taken steps to unlock major climate finance by signing an agreement with Verra for connecting KFS to global voluntary carbon markets.
Verra CEO David Antonioli, Korea Forest Service Deputy Minister Dr Sang-seop Lim, and SK Forest Vice President Hee-suk Yoo signed the agreement at a ceremony in Sharm El Sheikh.
Under the agreement, Verra will provide the Korea Forest Service with capacity building support – such as training and technical knowledge – at no cost. This will enable the Korea Forest Service to work towards increasing capital available to protect and restore nature through the voluntary carbon market.
Verra CEO, David Antonioli, said: “With nature conservation and restoration taking center stage at COP27, this agreement comes at a critical time for forest finance. Korea’s experience in forest restoration and international forest cooperation can contribute to sustainable forest management around the world. Through this agreement, Verra hopes to catalyze Korea Forest Services’ access to climate finance to protect its carbon-rich forests for many years to come.”
Verra is a non-profit organization that operates the world’s leading carbon crediting program, the Verified Carbon Standard (VCS) Program, as well as other programs in environmental and social markets. VCS is the world’s most widely used greenhouse gas crediting program. It drives finance toward activities that reduce and remove emissions, improve livelihoods, and protect nature.
“With nature conservation and restoration taking center stage at COP27, this agreement comes at a critical time for forest finance. Korea’s experience in forest restoration and international forest cooperation can contribute to sustainable forest management around the world. Through this agreement, Verra hopes to catalyze Korea Forest Services’ access to climate finance to protect its carbon-rich forests for many years to come.”
VCS projects have reduced or removed more than one billion tons of carbon and other greenhouse gas emissions from the atmosphere. The VCS Program is a critical and evolving component in the ongoing effort to protect our shared environment.
The Korea Forest Service will provide access to national level data and systems, and Verra will support with connecting this into the VCS methodology, verification, and registration frameworks. SK Forestry will provide technical support and analysis.
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Verra is a non-profit organization that operates the world’s leading carbon crediting program, the Verified Carbon Standard (VCS) Program, as well as other programs in environmental and social markets. Verra is committed to help reduce greenhouse gas emissions, improve livelihoods, and protect natural resources by working with the private and public sectors. We support climate action and sustainable development with standards, tools, and programs that credibly, transparently, and robustly assess environmental and social impacts and enable funding for sustaining and scaling up projects that verifiably deliver these benefits.