Korea Forest Service Hosts 15th AFoCO Assembly in Seoul, Discusses Expanding Climate Finance in Asia

[Financial News] The Korea Forest Service is stepping up forest diplomacy to help address the climate crisis in Asia and secure international climate finance.
On the 29th, the Korea Forest Service said it would hold the 15th General Assembly of the Asian Forest Cooperation Organization (AFoCO) at the Seoul Garden Hotel in Mapo District, Seoul, on the 29th and 30th, to discuss expanding forest cooperation in Asia and plans to advance major policy projects.
About 70 high-level delegates from 15 member countries in ASEAN and Central Asia attended the assembly, along with the Korea Forest Service and the AFoCO Secretariat. Participants addressed key agenda items, including securing international climate finance, the progress of forest cooperation projects, and organizational and financial operations.
In particular, following AFoCO’s approval this year as an accredited entity of the Green Climate Fund (GCF), participants closely reviewed plans to develop follow-up projects using the accreditation and progress in promoting blended finance that combines public funding and private capital. Concrete measures were developed to connect member countries’ forest restoration needs with international climate finance and diversify project funding.
Participants also reviewed performance indicators under AFoCO’s second Strategic Plan (2024–2030) and set the direction for key cooperative projects linked to Article 6 of the Paris Agreement, including wildfire management, mangrove restoration, and greenhouse gas reduction (REDD+).
During the assembly, Kazakhstan, UNID BT Plus, and AFoCO also signed an MOU to cooperate on forest carbon projects. The aim is to build a practical public-private cooperation model by combining Kazakhstan’s project-site resources, private companies’ financing capacity, and AFoCO’s planning expertise.
Lee Hyun-joo, acting head of international forest cooperation at the Korea Forest Service, said, “This assembly is an important opportunity for AFoCO to strengthen member countries’ capacity to respond to climate change by leveraging international climate finance. We will actively support efforts to share Korea’s forest restoration experience and technology and expand forest cooperation that links private investment with climate finance.”
The acquisition of forest carbon credits and projects linked to Article 6 of the Paris Agreement discussed at the assembly are attracting attention as potential ways to ease the burden on Korean companies of strengthening ESG management and implementing carbon neutrality. Internationally transferred mitigation outcomes (ITMOs) secured through cross-border greenhouse gas reduction projects (REDD+) carried out overseas can be used directly to meet domestic greenhouse gas reduction targets in the future, and this is expected to give further momentum to private capital flowing into forest investments in Asia.
[email protected] Kim Won-jun Reporter