Binh Thuan and the potential for forest carbon exploitation

Binh Thuan has a relatively large area of natural forest, participating in the purchase and sale of emission reductions through carbon credits will bring an important source of funding for the province, to continue investing in forest management, protection and development. This is also a turning point, a premise for exploiting the potential of carbon resources.

Sustainable management of forest resources

According to the Department of Agriculture and Rural Development, the province currently has 342,127 hectares of forest, including nearly 297,000 hectares of natural forest and more than 138,700 hectares of production forest. In recent times, the province has implemented programs and projects to conserve, increase carbon reserves and sustainably manage forest resources, and develop carbon credits.

Since then, certain results have been achieved through the UN-REDD Program Phase II - the United Nations Program on Greenhouse Gas Emissions through Efforts to Reduce Deforestation and Forest Degradation (REDD+) in developed countries. Among the activities, the UN-REDD Program has supported the province in developing technical design documents for forest protection contracting to people at the Le Hong Phong Protection Forest Management Board; Song Quao Protection Forest Management Board. At the same time, technical design documents and estimates for 10 hectares of poor natural forests, dipterocarp forests and regenerating forests participating in the forest enrichment model at the Song Mao Protection Forest Management Board...

*Natural forest in Ta Cu Nature Reserve.*

At Binh Thuan Forestry One Member Co., Ltd., it is currently assigned to manage nearly 18,700 hectares of forest, including 3,100 hectares of natural forest and more than 10,000 hectares of planted forest. Up to now, the forest area has been granted forest certification according to international FSC standards of nearly 9,600 hectares, of which 8,670 hectares of planted forest and 889 hectares of natural forest. This is the result of a gradual shift from traditional forest management to harmonious and sustainable management. Along with access to activities to develop carbon credits in the province, the company will continue to promote the potential and advantages of land and forest resources. At the same time, it will gradually enhance the value of planted forests and natural forests in protecting the environment and biodiversity.

*Binh Thuan and the potential for forest carbon exploitation.*

Promote the development of carbon credits

According to the Ministry of Agriculture and Rural Development , by the end of 2023, Vietnam had transferred 10.3 million tons of CO2 to the World Bank, earning more than VND 1,250 billion. At the same time, a roadmap for developing the domestic carbon market was developed, including issues of the legal framework, capacity and infrastructure for carbon credit trading. The development of the carbon market opens up opportunities to create additional financial resources for forestry through carbon credit exchange and trading mechanisms. It is known that recently, the North Central region sold forest carbon credits at a price of 5 USD/ton of CO2. Quang Tri province alone is selling FSC-certified forest carbon credits and is currently negotiating with a business in the Netherlands at a price of 10 USD/ton of CO2.

In Binh Thuan, although still quite new, the discussion content at the workshop on "forest carbon credits - opportunities and challenges" held in Phan Thiet city recently, with the participation of many agencies, units, experts, scientists inside and outside the province, has "paved the way" for clearer information about this concept. Accordingly, carbon credit is a general term for a tradeable credit or license representing 1 ton of CO2 or the mass of other greenhouse gases equivalent to 1 ton of CO2. The purchase and sale of CO2 emissions or carbon trading on the market is done through credits. Some of the main carbon benefits from forests are helping to mitigate climate change by storing carbon in trunks, branches, leaves, and roots, helping to mitigate climate change by reducing greenhouse gas concentrations in the atmosphere, reducing emissions from deforestation and forest degradation, and conserving biodiversity.

Also at this workshop, Mr. Luong Thanh Son - Chairman of the Provincial Union of Science and Technology Associations said that in recent times, the provincial agricultural sector has implemented many training courses on sustainable forest management and forest certification for forestry officials and localities. Thereby, helping units and organizations update a lot of knowledge, raise awareness and consciousness in afforestation, especially the issue of sustainable forest management. However, through the practical implementation of this activity in localities, the implementation of forest certification has encountered difficulties such as management level, funding sources, difficulties in propaganda work, incomplete legal framework, lack of experienced experts in this field. Therefore, proposing appropriate and practical solutions contributes to promoting the development of forest carbon credits in the province in the coming time.

From the available potential, the provincial agricultural sector is continuing to effectively manage, protect and develop forests through afforestation, forest enrichment and natural regeneration promotion activities... Thereby, it is expected that Binh Thuan will exploit forest carbon effectively in the coming time. Participating in the purchase and sale of emission reduction through forest carbon credits also contributes to improving the lives and livelihoods of ethnic minority households, households living near forests and reducing the pressure on local investment costs in forest management and protection.

K. HANG

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