• Journal of Climate Change Research
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• v.8 no.4
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• pp.297-303
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• 2017

Considering Japan's Greenhouse Gas (GHG) emissions reduction target for Fiscal Year (FY) 2030, the Joint Crediting Mechanism (JCM) was analyzed in order to estimate its significant contribution to Japan's Nationally Determined Contribution (NDC) and check its availability as a new mechanism to achieve Korea's 2030 mitigation target of 11.3% using carbon credits from international market mechanisms. The total budget for JCM Model Projects (1.2 billion JPY/yr) and JCM REDD+ Model Projects (0.8 billion JPY/yr), which are expected to deliver at least 50% of issued credits to Japan, is estimated about 21.6 billion JPY by the year 2030. This budget is about one third of the purchase of carbon credits from international carbon markets. So far, JCM credits of $378tCO_2-eq$. have been allocated to Japan, which are about 77% of the total issued credit through five-JCM Model Projects implemented from the year 2014. It is expected that Japan will obtain about $0.5MtCO_2-eq$. credits more from 100-ongoing JCM Projects, which are only 1% of Japan's NDC target through JCM credits. With regard to regular issued credits from implemented projects, expected new issued credits from pipeline projects and the less budget for JCM implementation as compared to purchasing carbon credits, JCM credits can be reached a resonable level of Japan's NDC target of $50{\times}100MtCO_2-eq$. through JCM until FY 2030.

• Journal of Climate Change Research
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• v.8 no.4
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• pp.369-375
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• 2017

In this study, it was intended to compare the two methodologies for forest management project through extension of rotation age: Korean Forest Carbon Offset Standard (KFOS) and Verified Carbon Standard (VCS). The amount of carbon removals and offset credits based on the two methodologies and their trends were analyzed in this study. The major difference between two methodologies were found at the process of estimation of baseline carbon removals. For instance, average carbon stock during the project period was used for estimation of baseline carbon removals in KFOS, while average carbon stock change during the 100 years was used in VCS. Due to the different approach for estimation of baseline carbon removal, the estimated offset credits were also different according to the two methodologies. In this study, 15 project scenarios were considered for comparison of two methodologies : 5 major coniferous stands in Korea (Pinus densiflora in Gangwon region, Pinus densiflora in Central region, Pinus koraiensis, Larix leptolepis, Chamaecyparis obtusa) with 3 project periods (30, 35, 40 years). The results showed that estimated carbon offset credits based on the KFOS methodology were higher for all 15 scenarios compared to those based on the VCS methodology. The KFOS showed a steep decline in the annual offset credit as project period gets longer, thus it is not desirable for projects with longer period. VCS is more acceptable for longer projects with a small difference according to the project periods. The results also indicated that Pinus densiflora in Gangwon, Pinus koraiensis, and Larix leptolepis are more desirable species for forest management project through the extension of ration age.

• Current Research on Agriculture and Life Sciences
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• v.31 no.2
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• pp.113-123
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• 2013

The carbon-offset mechanism based on forest management has been recognized as a meaningful tool to sequestrate carbons already existing in the atmosphere. Thus, with an emphasis on the forest-originated carbon-offset mechanism, the accurate measurement of the carbon stock in forests has become important, as carbon credits should be issued proportionally with forest carbon stocks. Various remote sensing techniques have already been developed for measuring forest carbon stocks. Yet, despite the efficiency of remote sensing techniques, the final accuracy of their carbon stock estimations is disputable. Therefore, minimizing the uncertainty embedded in the application of remote sensing techniques is important to prevent questions over the carbon stock evaluation for issuing carbon credits. Accordingly, this study reviews the overall procedures of carbon stock evaluation-related remote sensing techniques and identifies the problematic technical issues when measuring the carbon stock. The procedures are sub-divided into four stages: the characteristics of the remote sensing sensor, data preparation, data analysis, and evaluation. Depending on the choice of technique, there are many disputable issues in each stage, resulting in quite different results for the final carbon stock evaluation. Thus, the establishment of detailed standards for each stageis urgently needed. From a policy-making perspective, the top priority should be given to establishinga standard sampling technique and enhancing the statistical analysis tools.

• Journal of Climate Change Research
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• v.7 no.2
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• pp.185-191
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• 2016

Since 2013, the forest carbon offest scheme is operated by 'ACT ON THE MANAGEMENT AND IMPROVEMENT OF CARBON SINK'. Most of projects account for afforestation, reforestation and restoration. This study analyzed what is affected to pricing factors for the registered 71 project of forest carbon offset in Korea Forest Service. The purpose of this study is to introduce information on the business plans of forest carbon offset scheme and aid to understand the process from registration to issuing offset credits. Also it is meaningful to proposing a policy for price competitiveness and how to enable forest carbon offset schemes to produce activation by measuring the factors that affect the forest carbon offset scheme. The results showed forest carbon credit price is 92,827 won per ton on average, it could see less price-competitive than emission rights market when compared with the price.

• Journal of Climate Change Research
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• v.7 no.4
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• pp.391-396
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• 2016

This study was intended to analyze the average abatement cost (AAC) of forest carbon offset projects to suggest a basic credit price for government purchase of forest carbon credits. For this purpose, an a/reforestation project and a forest management project were designed with 30 years of project period. It is assumed to plant pine trees (Pinus densiflora) for the a/reforestation project, while it is assumed to replace rigida pine trees(Pinus rigida) with oak trees (Quercus acutissima) for the forest management project. For each project, the forest carbon stock was calculated and the revenue and the cost were analyzed with standardized management activities. Korea Forest Service has supported private forest owners the cost of management activities and the consulting fee for designing carbon offset project. Therefore, the AAC were analyzed for two cases : the one with subsidy for consulting fee (case 1) and the other with subsidy for both consulting fee and management costs (case 2). In addition, the sensitiveness of AAC was analyzed according to the 4 credit prices : ￦5,000, ￦10,000, ￦15,000 and ￦20,000. The result showed that the AAC analyzed for the case 1 was so high that net revenue would not be expected from all project types with any credit price. However the AAC analyzed for the case 2 was relatively lower than the AAC of case 1. Net revenue was expected from a/reforestation project with credit price over ￦10,000, while from forest management project with credit price over ￦15,000. Based on the AAC analyzed in this study, ￦15,000 was suggested as the basic price for government purchase of forest carbon credit.

• Journal of Korean Society of Forest Science
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• v.101 no.1
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• pp.83-90
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• 2012

Forests as carbon sinks and sources, play an important role in mitigating global climate change. Nonpermanence problem of forest carbon offset projects should be addressed practically and properly for obtaining credible forest carbon credits. This study aims to analyze major non-permanence approaches and their applicability for Korean forest carbon offset projects. Introduction of the buffer system, one of the most generally used non-permanence approaches, should be considered first for domestic forest carbon offset schemes. From the research survey, experts preferred the buffer system to other approaches such as forest certification, conservation easement, and longer conservation period. Standard development including a buffer system with a risk assessment tool is required to assure project participation and permanence of carbon credits.

• International conference on construction engineering and project management
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• 2009.05a
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• pp.272-275
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• 2009

Carbon finance is the investment in Greenhouse Gas (GHG) emission reduction projects in developing countries and countries with economies in transition within the framework of the Kyoto Protocol's Clean Development Mechanism (CDM) or Joint Implementation (JI) and with creation of financial instruments, i.e., carbon credits, which are tradable in carbon market. The additional revenue generated from carbon credits will increase the bankability of projects by reducing the risks of commercial lending or grant finance. Meantime, it has also demonstrated numerous opportunities for collaborating across sectors, and has served as a catalyst in bringing climate issues to bear in projects relating to rural electrification, renewable energy, energy efficiency, urban infrastructure, waste management, pollution abatement, forestry, and water resource management. Establishing additionality is essential for successful CDM project development. One of the key steps is the investment analysis. As guided by UNFCCC, financial indicators such as IRR, NPV, DSCR etc are most commonly used in both Option II & Option III. However, economic indicator such as Economic Internal Rate of Return(EIRR) are often overlooked in Option III even it might be more suitable for the project. This could be due to the difficulties in economic analysis. Although Asian Development Bank(ADB) has given guidelines in evaluating EIRR, there are still large amount of works have to be carried out in estimating the economic, financial, social and environmental benefits in the host country. This paper will present a case study of a CDM development of a 18 MW hydro power plant with carbon finance option in central Vietnam. The estimation of respective factors in EIRR, such as Willingness to Pay(WTP), shadow price etc, will be addressed with the adjustment to Vietnam local provincial factors. The significance of carbon finance to Vietnam renewable energy development will also be addressed.

• Korean Journal of Organic Agriculture
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• v.24 no.2
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• pp.201-219
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• 2016

To internalize climate-related external costs from agricultural production and food consumption Pigou taxes and carbon credits increase private costs for food. Voluntary GHG reduction program for carbon-neutral food can be advantageous over such policy measures since they avoid higher food prices for the poor. The pilot project of low-carbon agriculture certification system is to reduce GHG emissions from agricultural production and enhance the competitiveness of domestic agricultural products. This study examines producers', distributors', and consumers' perceptions of the low-carbon agriculture certification system and analyzes alternatives to promote the low-carbon certificated agricultural products.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2019.11a
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• pp.50-51
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• 2019

Globally, South Korea is a country that has a lot of $CO_2$ emissions and has steadily increased its total greenhouse gas emissions since the 1990s. With the recent implementation of the carbon emission trading system in Korea, the importance of calculating $CO_2$ emissions of construction equipment is increasing, hence the need for accurate calculation of environmental penalties through allocating carbon emission rights. This study presents a methodology to predict the price of carbon credits using big data analysis method. This methodology is based on correlating and regression analysis of trends in carbon emission prices and search volumes. This study aims to support faster and more accurate budget calculations in the planning of the construction process based on the predicted price of carbon emission rights.

• Journal of Climate Change Research
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• v.7 no.2
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• pp.137-142
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• 2016

To achieve large-scale carbon removals, a carbon offset project based on forest management was designed and its carbon stock change was estimated in this study. The project was designed for 874 hectares of forests in the Jin-An Leading Forest Management Zone. For estimating the carbon stock change of the project, the Korean Forest Carbon Standard and VCS (Verified Carbon Standard) methodologies were applied. Three types of management options were considered in the project : extension of rotation age, conversion to productive forests, and conversion to selective harvesting. The estimated carbon removals from the project designed in this study were $259,936tCO_2$ ($8,664tCO_2$ annually), which is 98% of estimated carbon removals from the entire 69 projects currently registered to the Forest Carbon Offset Registry in Korea. The results of this study showed that a large-scale carbon offset project based on forest management could have a huge potential to produce carbon offset credits.