• Korea Forest Service

    Forest Carbon Offset Scheme

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    Procedure Guide

    (Forest Carbon Offset Business Procedures) / (Forest Carbon Offset Social Contribution Type Project Design Guidelines, 2013, Forest Research Institute)

    * Non-Transaction type project is not subject to verification process.

    ** Only Transaction type can be traded on the market.

    • 1.Project Registration Application

      - In order to register for the Forest Carbon Offset Project, applicants are required to submit a completed registration application form and project plan to the Director of the Forest Carbon Center. The Director of the Forest Carbon Center will then examine all applications before processing them.

    • 2.Feasibility Assessment and Registration

      - The Director of the Forest Carbon Center will perform a feasibility assessment of the project plan within 30 business days from the application receipt date and notify the applicant of the results (suitable, complementary, unsuitable). If the feasibility assessment results are deemed ‘suitable’ a license for the Social Contribution Type Forest Carbon Offset will be issued by the Director.

    • 3.Business Implementation and Monitoring

      - An implementation entity must carry out projects in accordance with submitted project plans. All matters related to executing and managing project, including service contracts, need to be recorded. In addition, the entity must monitor the actual carbon dioxide uptake regularly from the project start date.

    • 4.Verification

      - When an implementation entity submits a monitoring report, the Director of the Forest Carbon Center will request a third party organization (non-involved party) to verify in order to maintain an objective view. However, Non-Transaction type project is not subject to verification process.

    • 5.Certification

      - When the verification is completed, the Director of the Forest Carbon Center will request certification of the Forest Carbon Uptake from KOFPI (Korea Forest Promotion Institute). If the certification examination results are determined as ‘appropriate,’ the Director of the Forest Carbon Center will issue a certificate to the applicant and register the Forest Carbon uptake in the Forest Carbon Management Registry.

    • 6.Transactions

      - An implementation entity is authorized to sell Forest Carbon Uptake to the Director of the Forest Carbon Center and buyers will purchase the Forest Carbon Uptake required for social contribution activities from centers.

    Role of Different Organizations

    Korea Forest Service

    The Korea Forest Service is responsible for the following:

    • 1. Forest Carbon Offset Scheme Operation, general management, and making adjustments
    • 2. Catalyzing the Forest Carbon Offset Scheme
    • 3. Establishment of the Forest Carbon Registry
    Forest Carbon Center

    The Forest Carbon Center is the implementing body. It is responsible for the following:

    • 1. Project Plan Registration through the Forest Carbon Offset Project Plan Examination and Validity Evaluation
    • 2. Selecting and Operating the Verification Agency
    • 3. Reviews Verification Reports submitted by the Verification Agency
    • 4. Issues Certificates approved by the Korea Forestry Promotion Institute
    • 5. Operating and Managing the Registry
    • 6. Other requirements deemed necessary by the Minister of the Korea Forest Service
    Verification Agency

    The Verification Agency, designated by the Director of the Forest Carbon Center, prepares a report based on the review of the monitoring report submitted by the implementing entity as requested by the Director of the Forest Carbon Center in accordance with Article 18, Paragraph 1, of Act on the Maintenance and Enhancement of Carbon Sinks.

    ※ Currently in the process of selecting a versification agency.

    Korea Forestry Promotion Institute

    The Korea Forestry Development Agency performs certification related tasks entrusted by the Director of the Korea Forest Service in accordance with Article 21, Paragraph 3, of Act on the Maintenance and Enhancement of Carbon Sinks.

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