Republic of Korea plans to reduce its greenhouse gas emissions by 37% from business-as-usual levels (BAU, 850.6 MtCO2eq) by 2030 across all economic sectors. Economy-wide coverage includes energy, industrial processes and product use, agriculture, and waste sectors. In the assessment of mitigation performance, a decision will be made at a later stage on whether to include greenhouse emissions and sinks of land use, land-use change and forestry (LULUCF) sectors as well as the method for doing so. Korea will partly use carbon credits from international mechanisms to achieve its 2030 mitigation target (4.5% out of the 37% reduction target), in accordance with relevant rules and standards.
Key existing linkages for Forest Cooperation:
- Asian Forest Cooperation Organization (AFoCO)
– In view of sharing Korea’s experiences and technologies with other countries in the forest sector, Korea proposed and established the Asian Forest Cooperation Organization (AFoCO) in 2015.
– Member States: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Viet Nam.
- Korea Forest Service – Bilateral Reducing Emissions from Deforestation and Forest Degradation (REDD+) projects
– Bilateral REDD+ pilot projects in Indonesia, Cambodia, Myanmar, Laos.