As reported recently, SK Innovation has been actively expanding its Mangrove Reforestation Project globally. This year, the company has also completed its first year of operating this program in Myanmar, where SK Energy and SK Trading International, the two subsidiaries of SK Innovation, have been running business after acquiring 35% stake in Best Oil Company (BOC), a leading oil distributor in Myanmar, last year.

▲ The Mangrove Reforestation Project funded by SK Innovation in Myanmar

The reason SK Innovation chose to implement Mangrove Reforestation Project as an important activity in Myanmar is similar to why the company started this project in Vietnam in 2018. Myanmar has also been facing the problem of rapid loss of mangroves in the country. According to a recent study by the National University of Singapore, over 20 years from 2007 to 2016, more than 60% of all mangroves in Myanmar had been converted to other use. The rate of mangroves being destroyed in the country is alarming. Therefore, as a corporate that is doing its business activities in Myanmar, SK Innovation decided to take actions and started planting mangrove seedlings in Letkokon area, southern Myanmar, earlier this year.

Letkokon is a coastal area located in the southern of Yangon, the largest city of Myanmar. SK Innovation, in cooperation with the Asian Forest Cooperation Organization (AFoCO)⁽¹⁾ and the United Nations Environment Programme (UNEP) National Committee for the Republic of Korea, began the Myanmar Mangrove Reforestation Project here in July. Until this month, about 45,000 new mangrove trees have been planted on the total area of 18ha in Letkokon. This year, due to COVID-19, the planting activities were entrusted to the locals this year under the organization of AFoCO, UNEP Korea and local government. Meanwhile, same as the one in Vietnam, Myanmar Mangrove Reforestation Project is funded by SK Innovation’s “1% Happiness Sharing Fund.”⁽²⁾

(1) Asian Forest Cooperation Organization (AFoCO): an intergovernmental organization in Asia aiming to strengthen forest cooperation by transforming proven technology and policies into concrete actions in the context of sustainable forest management to address the impact of climate change. The head quarter of AFoCO is located in Seoul, South Korea.

(2) 1% Happiness Sharing Fund: A matching grant fund that combines the voluntary donation of SK Innovation employees (1% of their base pay) and the grant matched by the company in a 1:1 ratio to support partner companies, vulnerable groups, and global CSR activities.

▲ The Mangrove Reforestation Project funded by SK Innovation in Myanmar

On the other hand, with the recent completion of the mangrove restoration activity in 2020, SK Innovation has planted about 340,000 new mangrove trees on the total area of 70ha in Vietnam since 2018.

Including the Mangrove Reforestation Project in Vietnam and Myanmar, as part of its ESG management, SK Innovation will continue to carry out more diversified activities to protect the environment, enhance the life quality while contributing to local economies.

☞ Myanmarese version