Global carbon ratings agency BeZero Carbon has entered into a Memorandum of Understanding (MOU) with the Korea Exchange (KRX) to establish quality assessment infrastructure for South Korea’s voluntary carbon market.

Under the partnership, KRX will utilize BeZero’s ratings platform to identify high-integrity carbon offset projects and evaluate the efficacy of domestic greenhouse gas reduction initiatives. BeZero’s risk-based framework assigns projects a standardized rating ranging from AAA (highest likelihood of avoiding or removing one tonne of CO2e) to D (lowest likelihood), providing market participants with transparent risk metrics.

The collaboration comes as KRX plays a central role in executing government policy to build a credible domestic voluntary market alongside South Korea’s mandatory Emissions Trading Scheme (K-ETS).

By embedding independent risk analysis at the exchange design level, KRX aims to establish a listing review framework that prevents low-quality offset supply from entering domestic trading channels.

The agreement supports a broader national push in South Korea to formalize voluntary carbon trading, which includes the public-private Korean Voluntary Carbon Market Alliance and proposed legislation governing credit issuance and market oversight.

“Korea is moving quickly to build a voluntary carbon market that its buyers can trust, and KRX is right to put quality at the centre of that design,” said Tommy Ricketts, Co-founder and CEO of BeZero Carbon. “Independent ratings give the market a common language for risk, so that Korean projects can be judged on their merits.”

Eun-bo Jeong, Chairman and CEO of KRX, noted that collaborating with an international ratings agency will help establish a transparent market trusted by both domestic buyers and international investors, positioning South Korea as a key carbon trading hub in Asia.

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