Tuesday 15 November 2022

COP27: Korea Forest Service inks deal to increase capital to protect nature

A new agreement has been signed between Korea Forest Service (KFS), SK Forest and Verra at the COP27 climate summit to enable capacity building in the voluntary carbon market.

Under the agreement, Verra, a non-profit that operates a global carbon crediting programme, will provide the KFS with capacity building support, such as training and technical knowledge, at no cost, while SK Forest will provide technical support and analysis.

This will enable the company to work towards increasing capital available to protect and restore forests and nature through the voluntary carbon market.

Verra's Verified Carbon Standard (VCS) programme is said to be the world's most widely used greenhouse gas crediting programme, driving finance towards activities that reduce and remove emissions and protect nature.

Verra CEO, David Antonioli said: “With nature conservation and restoration taking centre stage at COP27, this agreement comes at a critical time for forest finance. Korea's experience in forest restoration and international forest co-operation can contribute to sustainable forest management around the world.

“Through this agreement, Verra hopes to catalyse Korea Forest Services' access to climate finance to protect its carbon-rich forests for many years to come.”