Hwawoo LLC said Thursday it signed a memorandum of understanding (MOU) on the 12th with SDX Foundation, a digital carbon reduction specialist, to jointly respond to the voluntary carbon market.
Under the agreement, the two sides will cooperate on carbon reduction certification, ESG, and responses to domestic and international carbon regulations. Hwawoo plans to expand related consulting services by combining its legal advisory capabilities in the environment, energy, and ESG sectors with SDX Foundation's digital-based carbon reduction certification and assessment technologies. The two sides will also broaden cooperation on ESG and responses to domestic and international carbon regulations, including the European Union's Carbon Border Adjustment Mechanism (CBAM).
"As the voluntary carbon market moves toward institutionalization, demand for related legal services is expected to grow," said Lee Kwang-wook, head of Hwawoo's New Business Group. "We have laid the foundation to provide services including legal advisory and policy consulting." Lee added, "Based on our expertise in ESG and environmental fields, Hwawoo will leap forward as a leading law firm in the carbon market."
The signing ceremony, held at Hwawoo's office in ASEM Tower in Gangnam-gu, Seoul, was attended by Kang Young-ho, managing attorney at Hwawoo; Lee Kwang-wook, head of Hwawoo's New Business Group; Han Su-yeon, attorney at Hwawoo; Kim Do-hyung, head of Hwawoo's Environmental Regulation Response Center; and Jun Ha-jin, chairman of SDX Foundation.
Hwawoo provides advisory services across the environment, ESG, and carbon market sectors through its Environmental Regulation Response Center and ESG Center. In March this year, Hwawoo signed an MOU with the Environmental Impact Assessment Association to promote the sound development of environmental impact assessment projects and improve their legal foundation. In July last year, it signed an MOU with the Korea Environmental Industry Association to foster the environmental industry and strengthen global competitiveness. In November of the same year, Hwawoo recruited Lee Soo-young, chair of LG's ESG Committee and chair of the National Green Certification Review Committee, as an advisor.
Meanwhile, the government is pursuing plans to enact related legislation and establish an exchange to create a trusted voluntary carbon market ecosystem. "The climate crisis is a critical challenge that threatens the growth potential of the global economy," Park Hong-keun, minister of the Ministry of Planning and Budget, said on the 27th of last month at the launch ceremony of the 'Korean Voluntary Carbon Market Alliance' held at the Korea Chamber of Commerce and Industry in Seoul. "Carbon reduction must now become a new business model that raises corporate value, not merely a cost."
