In a move towards climate accountability, The HBAR Foundation has issued a grant to WinCL to elevate carbon transparency and greenhouse gas (GHG) accounting standards for SMEs and large enterprises across South Korea.
Built on Hedera’s Guardian platform, WinCL’s solution promises streamlined emissions tracking, reporting, and carbon offsetting capabilities, empowering businesses in Korea to “meet stringent climate standards.”
This collab arrives at a pivotal time for Korean enterprises, as those with value chain ties to the European Union (EU) will need to navigate regulatory requirements like the Corporate Sustainability Reporting Directive (CSRD).
These firm must ensure comprehensive emissions data, particularly as they seek access to the European market “where robust ESG reporting is increasingly critical.”
At the heart of this initiative is a shift toward digital GHG accounting methodologies, bringing “transparency and precision” to carbon tracking.
This solution comes as South Korea accelerates its commitments under frameworks such as the Carbon Neutrality Act, the country’s emissions targets under the Paris Agreement, and an “extended emissions trading system (K-ETS), which now covers 73.5% of Korea’s GHG emissions, making it one of the world’s largest emissions trading markets.”
By digitizing GHG methodologies, WinCL’s platform offers standardized, transparent reporting options that reportedly “align with both domestic and international requirements.”
Korean companies, especially those with operations that “connect to global markets, will benefit from tools that allow them to adopt internationally recognized standards, including those required by the CSRD.”
In the Korean market, where strong regulations and voluntary reporting are already reshaping corporate transparency, WinCL is prepared to “help companies meet these demands with reliable, auditable reporting frameworks.”
Alongside these developments, The HBAR Foundation and WinCL are excited to expand technical content and resources to “support the Korean market’s continued growth in emissions reporting and disclosures, particularly as the nation pursues its carbon neutrality goals.”
By providing accessible frameworks for carbon reporting, this partnership is empowering Korea to demonstrate the “real-world impact of blockchain technology on environmental accountability and compliance.”
SMEs across South Korea play an essential role in “achieving national climate goals.”
Many of these enterprises are eager to reduce emissions but may lack the resources or expertise to “manage carbon tracking and reporting.”
WinCL’s platform addresses these challenges with “tailored tools, including the WinCL Corporate Explorer for aggregating ESG data and WinCL Monitoring for tracking emissions across Scopes 1, 2, and 3.”
These tools simplify emissions reporting, thus allowing Korean based SMEs to demonstrate transparency, participate more fully in “voluntary carbon markets, and respond to global ESG requirements.”
This partnership between the HBAR Foundation and WinCL aims to expand Korea’s voluntary carbon market by creating “an accessible, verified path for carbon offset transactions from Hedera based markets.”
As Korea strengthens its climate policy via measures such as the 2021 Carbon Neutrality Act and expanded emissions trading, WinCL’s Hedera-powered platform “enables companies to meet both voluntary and regulatory reporting standards.”
The platform’s capabilities for tracking, minting, accounting for emissions, in addition to offsetting help ensure that Korean enterprises “meet national and international expectations for carbon accountability.”
Alice Kim, Director of Fintech & Payments at The HBAR Foundation said:
“The HBAR Foundation is proud to collaborate with WinCL to develop scalable, digital solutions addressing the need for reliable emissions tracking and high integrity carbon offsetting. Together, we’re setting a new standard for climate accountability, empowering businesses to credibly measure and report their environmental impact.”
Through WinCL’s platform leveraging the Hedera’s Guardian, Korean businesses are now equipped with tools to make “impacts on their climate reporting and carbon management efforts.”
This partnership exemplifies how distributed ledger technology (DLT) can drive transparency, enhance “emissions tracking, and help businesses of all sizes embrace sustainability.”
With WinCL and the HBAR Foundation’s approach, Korean companies can look to the future of carbon accountability and “confidently engage in a sustainable, transparent economy.”
As companies adopt these digital tools, Korea is positioned to lead by example on the global stage in “ESG reporting and climate innovation.”