One of the world’s largest steelmakers has teamed up with government agencies to increase carbon sequestration and protect marine ecosystems in South Korea, using steel by-products to help cultivate seaweeds.
POSCO on Wednesday said it has signed a Memorandum of Understanding (MoU) with the Ministry of Oceans and Fisheries, Korea Fisheries Resources Agency (FIRA), and Pohang-based Research Institute of Industrial Science & Technology (RIST) for the creation of ‘sea forests’ over the next three years.
“POSCO has contributed to the restoration of the marine ecosystem by creating marine forests using steel by-products in the waters near its steel plants in places including Pohang, Yeosu, and Ulleung … We will continue to cooperate to make this the most successful public-private cooperation model for marine forest creation,” said company CEO Lee Si-woo.
Following the agreement, POSCO and the ministry will allocate a total of 2 billion won ($1.46 mln) from May 2024 to 2027 to create a 3-square kilometre sea forest in Pohang, where the steelmaker is headquartered.
The company said it will seek international certification for the blue carbon resources and consider expanding the sea forest cooperation to the Gwangyang area.
Steel by-products used to create sea forests are effective in promoting the growth and photosynthesis of seaweed due to their high mineral content including calcium and iron, which can contribute to the prompt restoration of fishery resources in damaged marine ecosystems as well as biodiversity conservation, according to POSCO.
Japan’s Nippon Steel, another steelmaking giant, has been also pushing for a similar initiative that can help grow kelp seaweed beds in Hokkaido by using iron and steel slag.
The Japanese firm and Mashike Fisheries Cooperative Association have received 49.5 J-Blue Credits, issued under a government-run programme managed by the Japan Blue Economy Association, for the amount of CO2 absorbed between 2018 and 2022.
By Chia-Erh Kuo – chia-erh@carbon-pulse.com
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