Doha/Seoul, January 14 (QNA) - The Global Carbon Council (GCC) and the Asian Forest Cooperation Organization (AFoCO) have signed a Memorandum of Understanding (MoU) to strengthen cooperation in addressing global climate change through the promotion of Nature-based Solutions (NbS) and fostering an enabling and high-integrity carbon market ecosystem across Asia.

A GCC press release today said the partnership was initiated not only in response to UNEP’s inaugural State of Finance for Forests (SFF) report, which highlights the significant global shortfall in forest and environmental finance, but also to align with broader international efforts aimed at forest restoration, resilience, and long-term sustainability. In this context, the partnership seeks to leverage carbon-based incentives in line with the Paris Agreement, particularly Article 6, as a means to mobilize private sector engagement through internationally aligned carbon market mechanisms.

According to the report, annual forest investments must more than triple from USD 84 billion in 2023 to USD 300 billion by 2030 to meet global climate and biodiversity targets. Currently, the world faces a forest finance gap of USD 216 billion per year, underscoring the need for scalable and credible market-based solutions. To this end, the agreement between GCC and AFoCO establishes a cooperative framework to support sustainable, verifiable, and impactful forestry and climate initiatives across the region.

Through this MoU, the two organizations will promote collaboration on Public–Private Partnership (PPP)-based Nature-based Solutions carbon incentive programs, aligned with the Land Use, Land-Use Change and Forestry (LULUCF) initiatives implemented by AFoCO to strengthen climate change mitigation, adaptation, and resilience.

By leveraging GCC's high-integrity carbon standards and its digital Measurement, Reporting, and Verification (digital MRV) systems, the partnership aims to ensure that outcomes from nature-based solutions projects are transparent, credible, and aligned with international standards, while contributing to community resilience and long-term sustainability through AFoCO's member country cooperation platform, where relevant and appropriate.

Emphasizing the strategic importance of the collaboration, Dr. Yousef Alhorr, Founding Chairman and CEO of the Global Carbon Council (GCC), stated: "Forests are our most effective natural defense against global warming. Recent data shows that Asian forest sinks are already removing nearly one billion tons (0.9 Gt) of CO2 every year, making the region one of the most productive carbon absorbers on the planet. By scaling Nature-based Solutions (NbS) through our partnership with the Asian Forest Cooperation Organization, we are bringing together technical expertise, strong governance, and innovative carbon market frameworks to deliver measurable, high-integrity outcomes that benefit both people and the planet."

Dr. Chongho Park, Executive Director of the Asian Forest Cooperation Organization (AFoCO), added: "Our collaboration with the Global Carbon Council strengthens our ability to provide member countries with the tools, knowledge, and capacity needed to systematically scale sustainable forestry and nature-based projects. Together, we aim to create long-term positive impacts for communities, ecosystems, and the climate."

Following the signing of the MoU, the two organizations will establish a Joint Working Group to identify priority initiatives, coordinate technical support, and progressively implement the cooperation framework through targeted events, workshops, and joint activities.

The Global Carbon Council, headquartered in Doha, Qatar, is the first international carbon credit and sustainable development program based in the Global South. GCC is recognized as the Global South's first internationally accredited carbon market program under the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) of the International Civil Aviation Organization (ICAO), while AFoCO is a intergovernmental body driving climate resilience in Asia by turning high-level forestry policy into proven, local restoration actions. (QNA)