Any country, institution or organization interested in the advance online participation can transfer money in five currencies -- the U.S. dollar, the yuan, the yen and the won -- to a bank account through the website from Jan. 1-21.

The on-site fundraising for individuals or groups will take place at the Olympic Park in Gangneung on South Korea's east coast from Jan. 23 through Feb. 25.

The organizing committee will use all of the donations to be raised to purchase internationally traded Certified Emission Reductions to offset carbon emissions in association with the Olympics.

A CER is a carbon credit developed by carbon offset providers that is certified as being equivalent to one ton of carbon dioxide under the mechanism defined by the 1997 Kyoto Protocol to combat global warming.

"The International Olympic Committee is also stressing the importance of reducing carbon emissions," Yeo Hyung-koo, the comittee's secretary general, said. "We hope that many people will actively participate in the campaign so as to make the PyeongChang Olympics a low carbon event."

The first ever Winter Olympics in South Korea are to be held in the host city of PyeongChang, Gangwon Province, and two nearby cities -- Gangneung and Jeongseon. (Yonhap)