POSCO Breaks Ground on Pyeongchang Forest Restoration Project with Australia's BHP

Planting 10,000 Trees on 3-Hectare Site in Pyeongchang, Gangwon-do... Carbon Absorption Increased by 11%

[Asia Economy Reporter Hwang Yoon-joo] POSCO has embarked on a forest restoration project in the aging forest areas around Pyeongchang-gun, Gangwon Province.

On the 25th, POSCO announced that it held a tree-planting event to commemorate the start of the Pyeongchang aging forest area restoration project in Deokgeori, Bongpyeong-myeon, Pyeongchang-gun, in collaboration with Australian raw material supplier BHP and the eco-friendly social enterprise Tree Planet. The event was attended by Lee Joo-tae, Head of POSCO's Purchasing and Investment Division, POSCO raw material office employees, officials from Pyeongchang National Forest Management Office, and representatives from Tree Planet.

This forest restoration project is part of POSCO's 'Green with POSCO' initiative to plant 10,000 young trees on a 3-hectare site in the aging forests of Pyeongchang, Gangwon Province, increasing carbon absorption by approximately 11% and moving closer to carbon neutrality. The planted species are locust trees and Korean pear trees, which are expected to provide honey and fruit harvests in the future, serving as an income source for local residents.

Additionally, POSCO plans to carry out further activities such as fertilizing and pruning in the planted area in September to continuously care for the Pyeongchang forest in Gangwon Province.

Prior to the forest restoration project, POSCO and BHP signed the GEM Matching Fund on the 8th to support environmental protection and community contributions between Korea and Australia. The forest restoration will utilize funds from this matching fund and be operated through the eco-friendly social enterprise Tree Planet.

The GEM Matching Fund is the first global matching fund established between the mining and steel industries, with funds allocated to environmental protection and community support projects. Besides its literal meaning of 'gem,' GEM also stands for 'Go Extra Mile' in social development. Since 2019, POSCO has signed matching funds with global raw material suppliers such as Yancoal, Xcoal, FMG, and Anglo, actively practicing ESG (Environmental, Social, and Governance) management through community talent development and low-carbon eco-friendly activities.

According to the agreement between POSCO and BHP, they will each contribute $50,000 annually for two years in a 1:1 matching grant format, alternating support between the two countries each year. This year, the Pyeongchang forest restoration project will be promoted in Korea, and next year, environmental conservation projects will continue in Australia.

This content was produced with the assistance of AI translation services.