CHUNGCHEONGBUK-DO < invest Korea

According to Yonhap News,

Chungbuk-do (North Chungchung province) and SK forest singed a memorandum of understanding on June 27 to promote the value of the provincial forest.

According to MOU they signed, Chungbuk-do will supply certain size of provincial forests to SK forest in every 5 years and SK forest will come up with forest management models where it produces carbon credits by managing the forest.

The carbon credits created from the provincial forests by SK forest will be traded, and the resultant proceedings will be shared between the provincial government and SK forest.

A government official of Chungbuk-do said, "This project to tap into carbon sequestration function of the forest in this region is all the more meaningful in that the public and private sectors actively join forces together." and "We will do our best when implementing the project in order to increase the value of the provincial forest."

jeonch@yna.co.kr

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Source: Yonhap News (Jun 27, 2023)