Aimed at Offsetting the Bank’s Own Greenhouse Gas Emissions
NongHyup Bank announced on July 27 that it purchased a total of 5,254 tons of agricultural carbon credits from 20 farms nationwide to support the reduction of greenhouse gas emissions in the agricultural sector and to promote the spread of low-carbon agricultural technology.
Agricultural carbon credits refer to emissions permits officially certified by the government for greenhouse gas reductions achieved through the adoption of low-carbon agricultural technologies.
Previously, following its signing of a business agreement with the Ministry of Agriculture, Food and Rural Affairs and the Korea Agricultural Technology Promotion Agency in September 2023, NongHyup Bank acquired 1,419 tons of carbon credits in 2024 and 8,245 tons last year, bringing the total to 9,664 tons.
The carbon credits purchased this time are intended to offset NongHyup Bank’s own greenhouse gas emissions.
In addition, NongHyup Bank is advancing eco-friendly initiatives to reduce greenhouse gases, including signing direct power purchase agreements (PPA), installing solar power generation facilities for self-consumption in buildings at branches nationwide, and converting its business vehicle fleet to zero-emission electric vehicles, as part of building environmentally friendly low-carbon infrastructure.
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Tae Young Kang, President of NongHyup Bank, stated, “The climate crisis is a critical challenge that threatens the sustainability of our agriculture and rural communities. We will continue to discover and expand win-win models that provide real additional income to farmers while contributing to carbon reduction.”
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