Woori Financial Group, at the Forest Vision Center in Yeongdeungpo-gu, Seoul, plans to promote the main project of ‘Red Plus (REDD +, forest conversion and destruction prevention business)’ with the Asian Forest Cooperation Organization to respond to the climate crisis and protecting biodiversity through sustainable forest management It was announced on the 18th that it was discussed.
Red Plus is an activity to reduce greenhouse gas emissions by preserving forests in developing countries. It is a representative project of nature-based solutions proposed in the United Nations Framework Convention on Climate Change (UNFCCC) and draws attention as a way of responding to the climate crisis in the international community.
Woori Financial Group was previously selected as a company implementing the ‘REDD+ Private Sector Feasibility Study Support Project’ overseen by the Korea Forestry Promotion Agency in June. In August, it conducted a REDD+ feasibility study in Cambodia for the first time as a Korean financial company. The project will start in earnest from the first half of next year.
In this meeting, specific details were discussed, such as △selection of a project site in Cambodia △estimate of reduction in greenhouse gas emissions at the project site △plan to form a consortium for the main project △how to use the reduction results.
Correspondent Okjin Bae withok@etnews.com
