POSCO Embarks on Reforestation Project After Creating Matching Fund with Australia’s BHP

(image: National Institute of Forest Science)

SEOUL, April 26 (Korea Bizwire) — South Korea’s leading steelmaker POSCO has embarked on a project to restore deforested areas through partnerships with a string of domestic and international companies.

On Saturday, POSCO held a tree planting event in Pyeongchang County, Gangwon Province along with Australian mining giant BHP Group Ltd. and local social enterprise Tree Planet, signaling the start of its reforestation initiative.

Its forest restoration project is an eco-friendly initiative aimed at planting as many as 10,000 young trees in a 3 hectare area in Pyeongchang to increase the amount of carbon absorption in the region by about 11 percent.

Even after the tree-planting, it plans to continue to take care of the forest through practices like fertilizing and pruning.

Earlier this month, POSCO and BHP established a GEM (Go Extra Mile) matching fund as part of efforts to contribute to the protection of the environment and the development of regional communities in both countries.

Under terms of the agreement, each of the two parties will donate US$50,000 per year over the next two years on a one-on-one matching grant basis. The GEM matching fund is the world’s first matching fund established between the steel and mining industries.

Ashley Song (ashley@koreabizwire.com)