The Global Carbon Council (GCC) has signed a memorandum of understanding (MoU) with South Korea's planning and budget ministry (MPB) and the Korea Chamber of Commerce and Industry (KCCI) to support the development of the country's voluntary carbon market (VCM).
The agreement, signed in Seoul on 3 September, will focus on developing digital monitoring, reporting and verification (DMRV) systems, registry interoperability and international market connectivity. South Korea's VCM is scheduled to launch on the Korea Exchange (KRX) by the end of 2026.
The parties will also work to align South Korea's VCM framework with Article 6.2 of the Paris Agreement, the Carbon Offsetting and Reduction Scheme for International Aviation (Corsia) and the Integrity Council for the Voluntary Carbon Market's (ICVCM) Core Carbon Principles (CCP).
A key element of the co-operation is the planned interoperability between South Korea's consolidated carbon registry and GCC's registry infrastructure, which would support carbon project registration, credit issuance, tracking and potential integration with KRX, GCC said.
GCC will provide technical expertise across the carbon crediting value chain, including methodologies, validation and verification, registration and issuance processes, as well as eligibility mapping for Corsia and Article 6 mechanisms and the ICVCM's CCP label. The standard will also support the development of domestic certification capacity and DMRV expertise in South Korea.
The parties plan to establish a joint working group within 30 days to develop a detailed implementation roadmap covering registry architecture, international alignment, capacity building and engagement with stakeholders, including KRX.
