SK teams up with UAE sovereign wealth fund to tackle climate change crisis

Seoul, Korea, January 16, 2023 /PRNewswire/ — SK Group Announces Partnership with Sovereign Wealth Fund Mubadala united arab emirates (UAE) to overcome the climate change crisis.

To this end, SK signed a Memorandum of Understanding (MOU) with Mubadala at the Presidential Palace. Abu DhabiThe United Arab Emirates established an Asian partnership on “voluntary carbon markets (VCMs)” on the 15th (local time). Chairman of SK Choi Tae-won, president of the Korea Chamber of Commerce and Industry, and Khaldoon Khalifa Al Mubarak, CEO of Mubadala, signed the memorandum of understanding on behalf of both parties.

The Voluntary Carbon Market (VCM) is a privately-led carbon market that allows carbon emitters to trade carbon credits certified by private institutions.

The two companies have agreed to form an advisory body, such as a steering committee or working group, and develop a detailed cooperation plan to realize the partnership in the future. Since they believe that the promotion of voluntary carbon markets should first prepare measures to improve the reliability and transparency of carbon emission certification methods, they decided to focus on this part.

In particular, they agreed that in order to promote the active participation of Asian companies, it is necessary to establish a carbon market that is suitable for the characteristics of Asian companies. Therefore, their future cooperation will go beyond the cooperation between the two companies to find the common interests of different stakeholders, so that more countries and private companies in the Asian region can follow their example.

exist June 2021SK established a carbon reduction certification center to evaluate and certify its carbon reduction methods and performance, the first private company in Korea Asia. As of October last year, it certified 740,000 tons of carbon emission reductions from 16 methods and SK affiliates, including low-power semiconductors and lubricants that improve vehicle fuel efficiency.

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Meanwhile, Mubadala is a sovereign wealth fund worth $284 billion Asset in UAE, host of UNFCCC (COP28) And invest in the global eco-friendly field, and hold shares in AirCarbon Exchange (ACX), which was established in 2019 to accelerate the efficiency of carbon tradingof.

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Source SK Group