South Korean auto giant Hyundai Motor Co. has signed a memorandum of understanding with two government entities to help protect the country’s blue carbon ecosystems and generate carbon credits, the company said Wednesday.
The agreement was signed with the Ministry of Oceans and Fisheries and the Korea Fisheries Resources Agency, Hyundai said in a news release.
Blue carbon ecosystems such as mangroves, tidal marshes and seagrass meadows store up to five times more carbon than terrestrial ecosystems, but scientists estimate they are eroding at an annual rate of about 2%.
“By promoting sustainable practices and investing in carbon offset initiatives, Hyundai Motor strives to combat climate change and to protect the natural environment,” the company said in the release.
Through the partnership, Hyundai also aims to take a leading role in carbon offset generation from marine ecosystems, it said.
The company has set a goal of achieving carbon neutrality by 2045 and is accelerating electrification while reducing emissions in its supply chain.
Since 2021, Hyundai has partnered with the nonprofit Healthy Seas on an ocean cleanup project, collecting abandoned fishing nets and recycling them into sustainable products.
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–Reporting by Abdul Latheef, [email protected]; Editing by Barbara Chuck, [email protected]
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