BeZero Carbon partners with Korea Exchange to support the growth of Korea’s voluntary carbon market
Global carbon ratings agency BeZero Carbon has signed a Memorandum of Understanding with Korea Exchange (KRX) to support the development of Korea’s voluntary carbon market.
KRX will use BeZero’s ratings and risk analysis to identify high-integrity carbon projects and to assess the carbon effectiveness of Korean project.
The partnership supports Korea’s national ambition to build a credible domestic voluntary carbon market alongside one of the world’s largest compliance schemes.
(London/Busan, October 13) Global carbon ratings agency BeZero Carbon today announces a Memorandum of Understanding with Korea Exchange (KRX), supporting KRX’s ambition to grow Korea’s voluntary carbon market.
KRX has been tasked by the Korean government with helping to build a credible domestic voluntary carbon market. Under the partnership, KRX will use BeZero’s platform to identify the carbon projects most likely to meet high standards of quality, and will commission BeZero to assess specific Korean projects.
BeZero’s ratings provide a risk-based assessment of a carbon project’s likelihood of avoiding or removing one tonne of CO₂e, ranging from AAA (highest likelihood) to D (lowest likelihood). No two carbon credits are equal, and quality can vary across the market significantly; therefore, a pplying this standardised approach to Korean projects will give domestic buyers a consistent basis on which to compare quality and direct capital to where it will have the most impact.
The MOU forms part of a wider national effort to establish Korea’s voluntary carbon market, including the launch of a public-private Korean Voluntary Carbon Market Alliance, the announcement of the “Policy Direction for Establishing the Korean Voluntary Carbon Market,” proposed legislation to govern the voluntary carbon market, and KRX’s plans for a listing review framework designed to guard against low-quality supply.
Independent risk analysis is increasingly recognised as essential infrastructure for carbon markets, enabling governments, exchanges, and buyers to act with confidence in the environmental outcomes they are paying for. This partnership embeds that analysis in a market at the point of design, rather than retrofitting it later.
Tommy Ricketts, Co-founder and CEO of BeZero Carbon, said: “Korea is moving quickly to build a voluntary carbon market that its buyers can trust, and KRX is right to put quality at the centre of that design. Independent ratings give the market a common language for risk, so that Korean projects can be judged on their merits and capital can flow to the ones delivering real impact. We’re proud to be seen as an increasingly essential partner to both governments and exchanges looking to build high integrity carbon markets, and are thrilled to support KRX as it builds one of Asia’s most important carbon markets.”
Eun-bo Jeong, Chairman and CEO of KRX, stated: “As part of our joint efforts with the Korean government to establish a voluntary carbon market that is trusted both at home and abroad, KRX has decided to collaborate with BeZero Carbon, a globally recognized carbon ratings agency. Through this partnership, KRX will work to identify high-quality carbon credits and support credible carbon projects in Korea, positioning Korea as a leading carbon credit market in Asia.”