GS Global targets carbon credits through Hooxi Partners investment

GS Global said Monday it made a strategic investment in Hooxi Partners, a climate fintech company specializing in carbon credits, to expand into the green business.

The investment, an undisclosed amount, will give GS Global access to Hooxi Partners’ expertise in developing carbon credit methodologies and identifying and managing greenhouse gas reduction projects.

Founded in 2021, Hooxi Partners specializes in developing and managing emissions-reduction projects and securing and trading carbon credits.

GS Global also plans to link carbon reduction projects to its existing businesses, including converting internal combustion engine vehicles to electric buses; renewable energy projects including solar power; biomass; and resource recycling. Emissions reductions from these projects will be registered as Korean Offset Credits, which can be supplied to buyers in Korea and overseas.

The company also plans to use its overseas networks in the steel, energy and industrial materials sectors to identify carbon-reduction projects for international clients.

"This investment is aimed at entering the growing carbon credit market early and securing a new area of growth," a GS Global spokesperson said. "By working with Hooxi Partners, we will strengthen our ability to secure and trade carbon credits and expand cooperation to cover carbon reduction projects at home and abroad."

BY LEE TAE-HEE [[email protected]]