BUSAN — Busan Port agencies and terminal operators will create a 1.55-square-kilometer marine forest off the coast of Tongyeong, a public-private project that goes beyond cutting port emissions to directly expand marine carbon sinks using seaweed.
Busan Port Authority (BPA) said it signed a memorandum of understanding on marine forest creation for expanding carbon sinks and conserving marine ecosystems with the Ministry of Oceans and Fisheries, the city of Tongyeong and the Korea Fisheries Resources Agency on the 18th at the Busan Port International Exhibition & Convention Center. Seven organizations are taking part: BPA, BNK Financial Group, Sinseondae-Gamman Terminal, Hanjin Busan Container Terminal, HMM PSA New Port, Busan Container Terminal and Dongwon Global Terminal Busan.
Over four years starting this year, the participating organizations will build habitat foundations where seaweed can grow across 1.55 square kilometers of waters near Dodong in Yokji-myeon, Tongyeong, Gyeongsang Province, and will cooperate on funding, maintenance and monitoring of results. The approach restores seaweed beds along coastal areas damaged by marine desertification, securing spawning and habitat space for marine life while increasing carbon sinks.
The project is also notable in that a port authority, regional financial firms and terminal operators are jointly taking part in restoring a marine ecosystem. BPA has previously pursued coastal cleanups, recycling of marine plastics, a shift to low- and zero-carbon cargo-handling equipment and an expansion of shore power facilities. This time it has broadened the scope of its ESG cooperation to a project that uses the marine ecosystem itself as a carbon sink.
The marine forest is also expected to benefit the local economy. Improved spawning and habitat conditions for marine life could help restore coastal fisheries resources and raise incomes for fishing households. BPA said it plans to use the agreement as a starting point to expand its participation in projects tied to the government's marine ecosystem restoration policy and to strengthen ESG cooperation among organizations in the Busan area.
"It is highly significant that the government, local governments, public institutions, financial institutions and Busan Port operators are taking part with one mind in responding to the climate crisis and restoring the marine ecosystem," BPA President Song Sang-keun said. "We will bring together the capabilities of each organization to successfully carry out the marine forest project and establish it as a leading ESG model."
