Woori Financial Group Launches 'Red Plus' Project to Tackle Climate Crisis

Woori Financial Group held detailed discussions on the promotion plan of the 'RED+ (Red Plus)' main project for sustainable forest management at the Forest Vision Center in Yeongdeungpo-gu, Seoul. Employees from the Asia Forest Cooperation Organization and Woori Financial Holdings ESG Management Department are taking a commemorative photo.

[Asia Economy Reporter Bu Aeri] Woori Financial Group announced on the 18th that it held discussions with the Asia Forest Cooperation Organization regarding the promotion plan for the 'REDD+ (Reducing Emissions from Deforestation and Forest Degradation)' main project.

REDD+ is an activity to reduce greenhouse gases through forest conservation in developing countries. It was proposed at the United Nations Framework Convention on Climate Change (UNFCCC) Conference of the Parties and is recognized internationally as a representative nature-based solution to address the climate crisis.

In particular, the recent meeting discussed specific details such as the selection of project sites in Cambodia, estimation of expected greenhouse gas emission reductions at the project sites, formation plans for the main project consortium, and methods for utilizing the reduction results.

Since a public-private cooperation system is important when promoting overseas projects, plans are to proceed through close cooperation with the Cambodian Forestry Administration and sufficient discussions among stakeholders.

A Woori Financial Group official stated, "REDD+ is expected to become increasingly important to secure environmental sustainability such as carbon neutrality and biodiversity conservation," adding, "We will actively respond to the climate crisis in cooperation with the international community and take the lead in biodiversity conservation."

Meanwhile, Woori Financial signed a Memorandum of Understanding for 'Carbon Neutrality and ESG (Environmental, Social, and Governance) Management Cooperation' with the Korea Forest Service at the 15th World Forestry Congress in May, and in June, established a partnership with the Asia Forest Cooperation Organization for 'Mutual Cooperation on Climate Crisis Response and ESG Management through Sustainable Forest Management,' thereby strengthening ESG management activities.

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