Global Verified Carbon Market to Use Blockchain for Credit Issuance

South Korea is set to launch the Global Verified Carbon Market (GVCM) next year, a platform for trading overseas greenhouse gas reduction credits. The initiative will utilize blockchain technology to record core data, aiming to enhance the credibility of carbon credits. Deputy Prime Minister and Minister of Economy and Finance Lee Hyung-il announced the finalized "Detailed Implementation Plan for the Global Verified Carbon Market (GVCM)" after a meeting of economy-related ministers. The GVCM will facilitate the issuance and trading of carbon credits derived from international greenhouse gas reduction projects.