NH NongHyup Financial Group Signs MOU on Agricultural Carbon Credits with Ministry of Agriculture and Korea Chamber of Commerce and Industry

At the Korea Chamber of Commerce and Industry in Jung-gu, Seoul, Park Jongguk, Head of ESG Strategy Department at NongHyup Financial Group (left), Kim Jungwook, Director of Agricultural and Food Innovation Policy at the Ministry of Agriculture, Food and Rural Affairs (Acting Director of Agricultural Innovation Policy Office) (center), and Cho Youngjun, Director of Sustainable Management at the Korea Chamber of Commerce and Industry (right) are posing for a commemorative photo during the "Agricultural Sector Carbon Credit Activation and ESG Win-Win Cooperation Business Agreement."

NH NongHyup Financial Group announced on September 28 that it has signed a 'Memorandum of Understanding (MOU) for the Activation of Carbon Credits in the Agricultural Sector and ESG (Environmental, Social, and Governance) Win-Win Cooperation' with the Ministry of Agriculture, Food and Rural Affairs and the Korea Chamber of Commerce and Industry.

This agreement was established to contribute to the national goal of reducing greenhouse gas emissions in the agricultural sector by 27.1% compared to 2018 levels by 2030. The three organizations agreed to cooperate on issuing carbon credits through voluntary reduction activities and establishing a private trading system.

Through this agreement, the parties plan to collaborate on administrative and institutional support to promote carbon reduction projects in the agricultural sector, the purchase of the first issued agricultural carbon credits, and support for the issuance and trading of credits using the electronic carbon registry.

NH NongHyup Financial Group stated that farmers are expected to gain new income opportunities by adopting greenhouse gas reduction farming methods, while companies will be able to further strengthen their ESG management practices and alignment with government policies.

Park Jongguk, Head of the ESG Strategy Department at NH NongHyup Financial Group, said, "Agriculture is a key sector in responding to the climate crisis and is an important pillar for achieving the Nationally Determined Contribution (NDC) for greenhouse gas reduction."

"We will actively support the low-carbon transition of agriculture and rural areas, and ensure that carbon credits benefit farm incomes and local communities, thereby contributing to sustainable growth and the realization of carbon neutrality," he added.

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