Representatives of the government and AIDC attend an agreement signing ceremony.

Govt, partners make strides with forest carbon credit programme

The government in cooperation with a private company is rolling out a forest carbon credit initiative in an effort to reduce greenhouse gas emissions from forest destruction and forest degradation.
The project will involve eight forests with a total area of ​​approximately 1.4 million hectares.
Under an agreement between the Ministry of Agriculture and Forestry, the Ministry of Natural Resources and Environment, and AIDC Green Forest, international standards will be followed to advance to the purchase and sale of carbon credits in the future.
Speaking at the agreement signing ceremony on May 5, the President of AIDC Green Forest, Mr Pheutsapha Phoummasak, said the scheme is an important national strategy and is in line with strategies adopted by other countries to reduce forest destruction, which is one of the causes of climate change.
Mr Pheutsapha said the initiative will help to protect and restore forests while also improving the quality of life of local communities, and strengthening the national economy and the overall development of society.
It will also be a big step forward in enabling Laos to buy and sell forest carbon credits in line with Lao and international market mechanisms.
A Memorandum of Understanding on the project was signed in December 2022, under which a feasibility study involving 10 forests covering an area of ​​about 1.7 million hectares was carried out.
Of these, the Phou Khao Khouay National Park, the Nam Muan-Nam Ngoung National Protected Area, Nam Ngum National Protected Area, Phou Phanang National Bio-Diversity Conservation Area, Phoukhiew-Phouthan-Phouhai National Protected Area, Nong Ta Ngok National Productive Forest, Trans-Boundary Biodiversity Conservation in Protected Forests between Laos, Thailand and Cambodia, and the Phou Hin Poun Protected Area were selected for the project.
The initiative is expected to reduce carbon dioxide emissions by 1.4 million tonnes per year, which will contribute to Laos’ Nationally Determined Contribution, which includes measures that aim to reduce greenhouse gas emissions and build climate resilience.

By Times Reporters
 (Latest Update May 8, 2024)