The Global Carbon Council (GCC), the Ministry of Planning and Budget of the Republic of Korea (MPB) and the Korea Chamber of Commerce and Industry (KCCI) have formalized a strategic trilateral partnership through the signing of a Memorandum of Understanding (MoU) at KCCI Headquarters, Seoul, marking a significant step in the development and operationalization of Korea’s voluntary carbon market ecosystem.
The agreement was signed by Dr. Yousef M. Alhorr, Founding Chairman of GCC; Yongbum CHO, Vice Minister of MBP; and Chey Tae-Won, Chairman of KCCI
The cooperation positions GCC as the first international carbon standard recognized by a Korean government institution and establishes pathways for Digital Monitoring, Reporting and Verification (DMRV), registry interoperability and global market connectivity. Within Korea’s emerging VCM framework, GCC is also expected to serve as the sole global carbon standard participating in the initial market architecture, bringing international expertise across carbon standards, methodologies, validation and verification, registration, issuance, (DMRV), and registry infrastructure.
The partnership comes at an important stage in Korea’s carbon market development. MPB, as the lead ministry for Korea’s voluntary carbon market, is advancing the proposed Voluntary Carbon Market Act, preparing for the launch of a voluntary carbon market within the Korea Exchange (KRX), targeted for the end of 2026, and working to expand the country’s carbon credit demand and supply base. Under the MoU, MPB will lead overall coordination and policy direction and support implementation through the relevant institutional and budgetary framework.
The MoU sets out a practical implementation agenda covering alignment with Article 6.2 of the Paris Agreement, ICAO’s CORSIA and the ICVCM Core Carbon Principles, international standardization of methodologies, DMRV systems, capacity building, international market access and interoperable registry infrastructure.
A key component will be the planned interoperability between Korea’s consolidated registry and GCC’s registry infrastructure, establishing a digital foundation that can support carbon project registration, issuance, tracking and market connectivity while creating a pathway toward engagement with the Korea Exchange. The MoU also provides consultation with relevant institutions, including KRX, as the detailed implementation framework is developed.
GCC will contribute expertise across the full carbon-crediting value chain, including methodologies, validation and verification, registration and issuance, together with eligibility mapping for CORSIA, ICVCM CCPs and Article 6.2. It will also support the design of DMRV and registry architecture, strengthen domestic certification capabilities, and contribute to the development of VVB and DMRV expertise in Korea.
The cooperation will further draw on GCC’s experience in operating DMRV-enabled carbon market systems, including the ASCENT Carbon Program Portal developed in support of the World Bank. This experience will support the development of transparent, efficient and scalable digital processes as Korea moves from VCM policy development toward practical market implementation.
Image: Korea Chamber of Commerce and Industry, Ministry of Planning and Budget of the Republic of Korea and Global Carbon Council Official websites
KCCI will provide the critical bridge between government policy and Korea’s private sector. Established in 1884, KCCI is Korea’s largest and oldest business organization, representing approximately 190,000 companies through more than 70 regional chambers. As secretariat of the Korean VCM Alliance, KCCI will connect carbon credit demand and supply, expand corporate participation, support registry functions and strengthen domestic certification capacity through its Carbon Reduction Certification Center.
KCCI also promotes regional carbon market cooperation through the Asia Alliance, providing an additional platform for international market connectivity. The MoU specifically envisages expanding domestic and international market participation through both the Korean VCM Alliance and the Asia Alliance.
The partnership is also designed to strengthen access for Korean mitigation outcomes to international carbon markets and enhance the liquidity and availability of high-integrity carbon credits, including CORSIA-eligible credits. This creates additional opportunities to connect Korean market participants with established international compliance and voluntary carbon market frameworks.
For specific implementation activities, including the development of certification and DMRV content required for operation of the Korean VCM, the parties may proceed through separate contractual arrangements defining the scope of work and associated funding, providing a mechanism for the cooperation to progress from institutional alignment to concrete implementation.
Speaking on the agreement, Dr. Yousef M. Alhorr, Founding Chairman of the Global Carbon Council, said “Korea has an opportunity to build a voluntary carbon market that combines strong national leadership with international integrity and digital readiness. Through this partnership, GCC will contribute its expertise in high-integrity standards, DMRV, methodologies and interoperable registry systems to help turn market ambition into credible, scalable and internationally connected implementation.”
Yongbum CHO, Vice Minister of the Ministry of Planning and Budget of the Republic of Korea, noted: “Korea’s voluntary carbon market is entering a critical implementation phase. This cooperation will help strengthen the policy, institutional and technical foundations needed to expand participation, support high-integrity carbon credits and improve alignment with international carbon market mechanisms as we advance toward a more robust and globally connected market framework.”
Chey Tae-Won, Chairman of the Korea Chamber of Commerce and Industry, added: “The strength of Korea’s voluntary carbon market will depend on active participation from businesses across the economy. Through the Korean VCM Alliance, KCCI will work to connect companies with credible market opportunities, strengthen certification and registry capacity, and create clearer pathways for Korean businesses and mitigation activities to engage in domestic and international carbon markets.”
To translate the MoU into action, the parties intend to establish a trilateral Joint Working Group within 30 days of signing. The Working Group will develop a detailed implementation plan covering international alignment, potential mutual recognition of domestic certification schemes, DMRV and registry architecture, capacity building and engagement with relevant institutions and stakeholders, including the Korea Exchange.
The signing will be followed by an industry seminar with Korean market participants, supporting stakeholder engagement and practical implementation of the cooperation.
Through the partnership, GCC, MPB and KCCI aim to create a robust bridge between government policy, private-sector demand, high-integrity carbon standards, digital infrastructure and international markets, helping position Korea’s emerging VCM for practical implementation and greater connectivity with the global carbon market ecosystem.