SEOUL, KOREA - SK Forest acquired an international carbon emissions right through reforestation of deserted land in Korea. SK Forest and the Korea Forest Service jointly announced on May 6 that their carbon emissions right project was finally approved by the United Nations Framework Convention on Climate Change. Under this project, SK Forest will plant 250,000 trees in a 75-hectare area in Goseong County in mountainous Gangwon Province.
The approval of this project is a meaningful milestone since it allows Korea to trade carbon emissions rights through reforestation. Carbon emissions right trading is the 45th in the world and the 13th in Asia.
Carbon emissions right is given by the United Nations to a country or an entity that reduces the emission of harmful gases such as carbon dioxide. Carbon emissions right can be traded in the international market after a clean development mechanism is registered.
SK Forest's reforestation project would also have a huge economic value. It could contribute to reducing 621 tons of carbon per year, a volume equivalent to the emissions of 259 vehicles. This 20 year-long project can be renewed twice at an interval of every twenty years.