IBK Investment & Securities signs MOU with carbon credit certifier Verra

IBK Investment & Securities said Friday it signed a memorandum of understanding with Verra, the global voluntary carbon credit certification body, to expand carbon market activity in South Korea and across Asia.

Verra is a Washington-based nonprofit that operates the Verified Carbon Standard, internationally recognized as the most credible program for certifying greenhouse gas reduction credits.

Under the agreement, the two sides will organize strategic seminars on Verra's standard programs and methodologies, review education programs covering feasibility assessments and verification procedures for carbon reduction projects, share information on voluntary carbon markets and case studies of Verra-certified projects, and jointly develop and participate in high-quality Verra projects.

IBK Investment & Securities plans to extend its accumulated expertise in overseas emission-reduction projects and financial services into the voluntary carbon market. The firm also intends to build a comprehensive carbon finance framework — covering project viability analysis and financial arrangement — and to broaden its transition finance operations supporting corporate energy transition and greenhouse gas reduction.

"This agreement is an important step in extending our carbon finance capabilities, built through overseas greenhouse gas reduction projects, into the voluntary carbon market," said Eom Seong-il, head of IBK Investment & Securities' carbon finance division. "Drawing on our expertise in carbon markets, international reduction projects and investment banking, we will channel funding into credible carbon reduction projects and support companies in making a genuine low-carbon transition."

IBK Investment & Securities posted a net profit for the period of 16.6 billion won ($11.7 million) in the second quarter of this year, up 3.6 billion won, or 27.7 percent, from 13 billion won in the same period last year, sustaining double-digit growth. Its cumulative net profit for the first half reached 30.3 billion won, a 21.2 percent increase from 25 billion won in the first half of last year.