KCCI, Ministry of Planning and Budget and GCC to Collaborate on a Korean-Style Voluntary Carbon Market

[Financial News] The Korea Chamber of Commerce and Industry (KCCI) is stepping up cooperation with the government and international organizations to promote Korea’s voluntary carbon market.
KCCI signed an MOU with the Ministry of Planning and Budget and the Global Carbon Council (GCC) at its building in Jung-gu, Seoul, on the 2nd to create a Korean-style voluntary carbon market ecosystem.
The agreement was pursued to promote Korea’s voluntary carbon market (VCM) and establish a foundation for linking it with global markets. A VCM is a market where companies, local governments and individuals trade the results generated by voluntary carbon reduction projects.
It is distinct from the greenhouse gas emissions trading scheme, under which the government mandatorily allocates and trades emissions allowances.
Under the agreement, the three organizations will advance carbon credit certification and verification systems in line with international standards. They also agreed to strengthen the market’s foundations, including digital infrastructure and specialized personnel, and gradually expand the use of domestic reduction results in international markets.
Since 2023, KCCI has operated the Carbon Reduction Certification Center, a leading domestic VCM certification body, certifying companies’ carbon reduction methodologies and results. Samsung Electronics, SK hynix, LG Electronics and climate-tech startups are currently participating. Together, they have registered 32 methodologies and had approximately 2.9 million tons of reductions certified.
KCCI plans to expand its cooperation network into the Middle East by having the GCC join the Asia Alliance, which it established with five Asian countries, including Singapore, India and Thailand.
The Ministry of Planning and Budget has therefore moved to enact legislation by the end of this year to foster the voluntary carbon market and promote trading in voluntary reduction results.

[email protected] Hakjae Kim Reporter