We all made our own way to today's KOCHAM event, and we all did it a little differently.
Some of us took the bus, some of us biked, and some of us drove. But however we got here, we all contributed to our carbon footprints.
MarinaChain calculated the average amount of carbon footprint our guests would produce, then purchased carbon credits to offset those emissions. We want to make sure that we're being as eco-friendly as possible, and offsetting our carbon footprints is one way to do that.
We started by calculating the carbon dioxide emissions for 450 guests riding in a car going a distance of 21 km.
Every 1 km car ride emits 252.5 grams of CO2, and if we do the math, that's 2.63 tons for 450 people!
Corporate ESG management is becoming a significant matter as the seriousness of climate change is easily noticeable. According to the Paris Agreement, which was signed at the 26th General Assembly of the United Nations Framework Convention on Climate Change (UNFCCC), countries are to reduce greenhouse gas emissions by up to 30% by 2030.
A carbon credit is a tradable certificate that gives the right to emit a ton of carbon dioxide or an equivalent of another greenhouse gas. Compared to global companies based in the EU and US, Korean enterprises’ purchase rate of voluntary carbon credits is significantly lower.
MarinaChain is the new go-to consultant for enterprises to purchase voluntary carbon credits and also receive ESG-related advice.
Our carbon credits are sourced from Climate Impact X, a global marketplace and exchange for quality carbon credits based in Singapore.
The REDD+ Project for Caribbean Guatemalan: The Conservation Coast is located in the Caribbean coast region of Guatemala and covers a total area of 54,157 hectares. The project is estimated to prevent a total of 21,800,000 tCO2e emissions and has a project lifetime of 30 years from 1 April 2012 to 31 March 2042.
Conservation Coast has slightly exceeded its emissions reduction claims based on the project's baseline. The project over-reported forest loss in the Project Area (PA) compared to the forest loss detected by Sylvera, resulting in a carbon score of 102%. However, increasing PA deforestation could lead to reduced credit issuance capacity in the future.
Sylvera finds that the project significantly overestimated baseline deforestation rates. The project selects a Reference Area (RA) to construct its baseline that is considered an appropriate proxy for the PA, with both areas experiencing the same drivers of deforestation. Despite this, there is a significant difference between baseline deforestation rates and observed deforestation rates in the RA.
Conservation Coast's project activities exceed deforestation mitigation beyond what would be a common practice in a "business-as-usual_ (BAU) scenario. Almost half of the PA is made up of protected areas, and under BAU, resources for the protected area would be limited; these areas would likely be exposed to deforestation pressures from illegal logging, subsistence agriculture, and cattle grazing. Project activities increased the frequency of patrols to combat deforestation pressures. These activities are unlikely to be carried out in the absence of the REDD+ project due to their financial and administrative costs.
Risks to carbon stock permanence are moderate. Natural risk is driven by fires related to slash and burn agriculture at the borders of forested land. The projects implements limited mitigation measures to combat fire risk. Human risk is driven by country-level factors such as political instability and the weak rule of law. However, the project team is experienced, which reduces the chance of project mismanagement.
The project went through a highly detailed qualitative assessment with over 40 indicators across the three criterion — climate, community, and bio-diversity, to demonstrate the project compliance.