Founding Chairman of GCC Dr. Yousef M Alhorr, Vice Minister of MBP Yongbum CHO, and Chairman of KCCI Chey Tae-Won during the signing ceremony.
DOHA: 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 Headquarter, Seoul, marking a significant step in the development and operationalisation 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 recognised by a Korean government institution and establishes pathways for Digital Monitoring, Reporting and Verification (DMRV), registry interoperability and global market connectivity. Within Republic of 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 Republic of 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. Speaking on the agreement, Founding Chairman of the Global Carbon Council, Dr. Yousef M Alhorr, 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.”
Vice Minister of the Ministry of Planning and Budget of the Republic of Korea, Yongbum CHO, 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.”
