August 27, 2024 — AFoCO successfully convened its first FAAF Colloquium, at its Secretariat in Seoul, Republic of Korea. This significant event was focused on engaging corporate and institutional practitioners interested in developing and participating in forest carbon projects within the voluntary carbon market. Approximately 40 attendees from notable organizations, including KB Securities, KT & G, NH Investment & Securities, SK E&S, SK Securities, E-Mart, Pulmuone, Good Neighbors Global Impact, Sampyo Industry, Korea Investment & Securities Co.,Ltd., Hanwha Investment & Securities Co.,Ltd., Export-Import Bank of Korea, the Korea Forest Service, and the Korea Forestry Promotion Institute, were present.
The colloquium was organized into two main sessions. The first session began with a presentation by Choi Sung-ho, Team Leader of AFoCO’s Carbon Projects Team, who provided an overview of the colloquium’s background and objectives. He highlighted AFoCO’s commitment to strengthening partnerships within the private sector to enhance emission reductions and carbon absorption through forest initiatives. Han Youngju, Program Officer, served as the moderator throughout the entire colloquium.
The second session featured detailed presentations and discussions. Kim Donghwan, Program Officer, discussed the latest trends in the international voluntary carbon market and the procedural steps for developing forest carbon projects, including feasibility analysis. Kim emphasized the growing demand for high-quality carbon credits and the importance of maintaining market credibility to influence future pricing scenarios. He provided a detailed explanation of the process from project design to monitoring and highlighted the critical role of feasibility assessment and investment alignment.
Following Kim’s presentation, Han Youngju elaborated on the Mekong REDD+ Project, outlining its background, objectives, and implementation strategies. Aidai Zhumasheva, Program Officer, introduced the Agroforestry Carbon Removal project in Kyrgyzstan, discussing its goals, background, and the partnership processes involved.
The colloquium included an interactive Q&A session where participants engaged in discussions on several key topics. These included the definition and standards for high-quality carbon credits, new methodologies following recent market scandals, and the potential for generating sufficient emission reductions within project timelines. There was also considerable interest in the specifics of the Mekong REDD+ project and its expected outcomes, as well as inquiries about the feasibility of credits and corresponding adjustments for projects in Cambodia.
The FAAF Colloquium proved to be a valuable platform for initiating and strengthening partnerships within the forest carbon sector. By facilitating open discussions and knowledge exchange, the event laid the groundwork for future collaborations and advancements in forest-based climate solutions. AFoCO is optimistic about the potential for these partnerships to drive meaningful progress in the field and is committed to supporting continued innovation and cooperation.
Submitted by Grace Son
