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Expanding Voluntary Carbon Market in South Korea and MENA

Expanding Voluntary Carbon Market in South Korea and MENA

In a significant move towards accelerating climate solutions and promoting sustainable development, the Global Carbon Council (GCC) has signed a Memorandum of Understanding (MoU) with the Climate Change Center (CCC), which is South Korea’s first non-profit organization dedicated to climate change response. Global Carbon Council is the only international GHG crediting and sustainable development program in the Global South approved by United Nation’s International Civil Aviation Organization (ICAO) and International Carbon Reduction and Offsetting Association (ICROA).

Under the MoU, GCC and CCC will explore close collaboration and engagement with stakeholders in the Middle East and North Africa (MENA) region as well as South Korea to expand the Voluntary Carbon Market (VCM). One of the key objectives of this collaboration is to support the issuance of Internationally Transferable Mitigation Outcomes (ITMOs) for South Korea under Article 6.2 of the Paris Agreement. By leveraging GCC's expertise in international GHG crediting, the MoU is aimed at facilitating South Korea's efforts in meeting its climate goals under the Paris Agreement.

As part of the MoU, the two entities will explore opportunities for integrating GCC's Registry with AORA (Alliance for Our Responsible Action) – The South Korean VCM Platform launched by CCC last year. The MoU also emphasizes knowledge-sharing and capacity building as essential components of driving sustainable climate action. Accordingly, GCC and CCC will organize capacity building workshops and training programs for internal and external stakeholders, including government and private sector organizations in South Korea.

In addition to capacity building, the two organizations will collaborate on best practices for developing baseline and monitoring methodologies and standardized baselines for Korea and the region, as applicable. Eventually, this will help establish uniform and transparent processes for measuring and verifying emissions reductions, ensuring credibility and integrity within the voluntary carbon market.

Dr. Yousef Alhorr, Founding Chairman of GCC, said, “Through this MoU, we aim to expand the Voluntary Carbon Market in both South Korea and the MENA region, which will drive impactful emissions reduction initiatives regionally and globally. Leveraging
GCC's expertise in international GHG crediting, we wish to support South Korea in achieving its climate goals under the Paris Agreement, by making available issued carbon credits that may qualify as Internationally Transferable Mitigation Outcomes (ITMOs).”

Signing the MoU, Dr. Yoo Young Sook, Chairperson of CCC and Former Minister of the Environment of the Republic of Korea, said, “This collaboration will be a crucial opportunity for Climate Change Center by being part of the increasing flow of the global carbon market. It signifies an important stepping stone for various stakeholders to participate in climate change response activity.”

Shedding light on the outcome of linking GCC registry with AORA South Korean VCM Platform, Mr. Kishor Rajhansa, COO of GCC, said, “This integration will streamline and enhance the scale and efficiency of trading of GCC issued carbon credits for South Korean buyers, bolstering the effectiveness of the voluntary carbon market in South Korea.”

The MoU between GCC and CCC signals a powerful alliance in the fight against climate change, as both organizations combine their expertise and resources to drive tangible and sustainable climate solutions.