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Cash for carbon: Quảng Nam looks to profit from reforestation efforts

20 July 2021 | 08:21:00 AM

The central province of Quảng Nam has asked the government to approve a plan to export 2.5 million carbon credits for an amount of VNĐ110 billion (US$4.7 million) to VNĐ130 billion ($5.6 million).


  


A local farmer clears grass on a pine tree reforestation area in Quảng Nam Province. The central province has planned a pilot project exporting carbon credit from forest restoration and protection. — VNS Photo Công Thành


Chairman of the Provincial People’s Committee, Lê Trí Thanh, has said it is part of a larger plan to establish a carbon market to help protect forests and conservation areas, while reducing greenhouse gas emission.

This would help Việt Nam to meet the requirements of the global Reducing Emissions from Deforestation and Forest Degradation (REDD+) agreement.

If implemented, the plan would see the province export 800,000 carbon credits, the equivalent of 0.8 million tonnes of carbon emission each year. This figure would increase to 1.2 million carbon credits by 2026.

The province said at least 1.2 million tonnes of carbon, or 1.2 million carbon credits, had been saved from 2018-20.

It said the carbon credit export plan would help the province boost protection of over 460,000 hectares of forest with a goal to growing that area by an estimated of 20 per cent over ten years.

Quảng Nam plans to replant just over 50,000 hectares reducing 14 million tonnes of carbon emissions which will then provide seven million cubic metres of timber in 2030.

Last year, Quảng Nam promoted the Sông Thanh Nature Reserve to a National Park to conserve its rich biodiversity. It covers nearly 77,000 hectares, of which more than 58,000 are tropical, evergreen primary forest in the districts of Nam Giang and Phước Sơn.

The park area is one of the region's biggest carbon stores and home to 831 species of flora and fauna, including the critically endangered grey-shanked douc langurs and the endangered red-shanked douc langurs.

Up to 19,000ha of critical habitat in Nông Sơn district is also planned as a protection area for groups of the endangered Asian elephant. This would be funded by the United States Agency for International Development (USAID) Green Annamites Project.

The province also plans to allocate funds of $4.4 million to restore a 100 hectares of forest as a safe habitat for a herd of grey-shanked douc langurs (pygathrix cinerea) living in Tam Mỹ Tây Commune of Núi Thành district.

(VNS)

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