Hanwha Hotels & Resorts Approved for External Carbon Emission Trading Scheme Project

Yangpyeong '100 Years Forest', First Private Company Selected
Emission Rights Secured and Tradable

Hanwha Hotels & Resorts is developing the Forest of 100 Years in Yangpyeong, Gyeonggi Province.
[Photo by Hanwha Hotels & Resorts]

Hanwha Hotels & Resorts announced on the 5th that its '100 Years Forest' project has received approval from the Ministry of Environment as an external project under the carbon emissions trading system.

The carbon emissions trading system is a regulation that allows companies to emit greenhouse gases within a certain limit. Hanwha Hotels & Resorts has been carrying out the 100 Years Forest project, planting trees with excellent carbon absorption and air purification capabilities in Yangpyeong, Gyeonggi Province, and Sokcho, Gangwon Province. Recently, a part of the Yangpyeong 100 Years Forest was registered as an external project under the forestry sector emissions trading system within the mandatory market. This is the first case of a private company registering in the domestic mandatory market.

The mandatory market differs from the voluntary market, where reduction achievements cannot be converted into emissions permits, in that emissions permits can be bought and sold on the Korea Exchange (KRX). Currently, Hanwha Hotels & Resorts is the only private company capable of securing and trading emissions permits as well as disclosing Environmental, Social, and Governance (ESG) information.

Kim Hyung-jo, CEO of Hanwha Hotels & Resorts, said, "Although our business is not subject to government regulations related to carbon emissions permits, being the first private company selected in the mandatory market has become a proactive example for carbon neutrality. Like Hanwha’s flame that shines brighter in the dark, we will strive to lead a sustainable future."

The Hanwha Hotels & Resorts 100 Years Forest is a large-scale project cultivating approximately 800 hectares (2.5 million pyeong) of forest to expand carbon absorption sources. In Yangpyeong, areas with poor habitats are being restored with trees such as birch and tulip trees, which have excellent air purification capabilities. The Sokcho 100 Years Forest is restoring 43 hectares (130,000 pyeong) of wildfire-damaged areas in Goseong and Sokcho since 2019 as a disaster recovery-themed forest. The company expects that once all development projects are completed, about 10,000 tons of carbon will be absorbed over 20 years.

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