SK Innovation Expands Vietnam Mangrove Project

(From left) Tran Ngoc Tung, Head of the Mangrove Forest Management Committee of Can Tho City, Vietnam, Eom Sang-hong, Head of the CSR Team at SK Innovation, and Thy Hai Pham, CEO of MangLub, are taking a commemorative photo after signing the 'Memorandum of Understanding for Mangrove Forest Restoration' at the Department of Agriculture and Environment of Can Tho City, Vietnam on Oct. 13 (local time). (Provided by SK Innovation) SK Innovation is accelerating its response to the climate crisis and the conservation of local ecosystems by expanding its mangrove forest restoration project, which began in Vinh Long Province, Vietnam, to Can Tho City. The plan is to strengthen nature-based carbon reduction solutions by creating an additional 200-hectare forest, equivalent to four times the area of Seoul Forest, by 2030. SK Innovation signed a memorandum of understanding (MOU) for mangrove forest restoration with the Can Tho City government in Vietnam and the local social enterprise 'MangLub' on Oct. 13. Under this agreement, Can Tho City will provide the planting site, and SK Innovation will establish a cooperative system for the management and protection of the afforestation area. MangLub, which is in charge of the practical affairs of the project, is the first social enterprise in Vinh Long Province established locally by SK Innovation in 2019, and is operating with the purpose of conserving the mangrove ecosystem and improving environmental awareness. SK Innovation's mangrove restoration project started in 2018 and is in its eighth year this year. Over the years, it has expanded its scope of activities to Myanmar, Malaysia, and the Republic of Fiji, including Vietnam, and has planted a total of 1.14 million saplings to date. The cumulative planting area is 294 hectares, equivalent to six times the size of Seoul Forest. Mangroves have about five times higher carbon storage capacity than ordinary plants, making them a core vegetation called the 'lungs of Asia.' As they also contribute to biodiversity conservation by providing habitats for various organisms, SK Innovation plans to scientifically measure the biodiversity footprint of the planting area and systematically manage the restoration effects by utilizing its Life Cycle Assessment (LCA) capabilities. This project focuses on mutual growth with the local community beyond simple environmental protection. Local residents directly participate in the entire process of forest creation to gain jobs, and environmental education to inform students about the value of mangroves is also conducted concurrently. Kim Woo-kyung, Head of PR at SK Innovation, explained, "Beyond simple afforestation activities, we will contribute to sustainable growth by promoting youth employment expansion and local community participation through local social enterprises." Currently, members of SK Innovation affiliates are directly participating in planting volunteer activities to help restore the ecosystem. The company plans to fulfill its social responsibility as a global company by proceeding without setbacks with the planned 200-hectare new afforestation project by 2030.