South Korea builds voluntary carbon market, lacks domestic verifiers

South Korea is preparing legislation to launch a “Korean-style” voluntary carbon market aimed at expanding participation beyond large corporations to small and midsize businesses and startups. However, the country currently lacks domestic validation and verification bodies (VVBs) with sufficient experience, forcing reliance on overseas evaluators. Government officials said Korea plans to cooperate with foreign institutions in the short term while developing local verification capacity over time. The article contrasts Japan’s domestically tailored verification system, which has helped expand participation, with Singapore’s reliance on foreign verifiers, where high certification costs and lengthy procedures have limited access for smaller companies. Market participants say credible MRV and evaluation systems are essential for scaling high-integrity carbon markets.
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