The forest carbon market opens up new resources for Vietnam's forestry.
Developing a forest carbon market creates a crucial opportunity for the forestry sector to mobilize resources for forest protection, while simultaneously creating sustainable livelihoods for people, especially ethnic minorities. Initial results from the carbon payment mechanism demonstrate great potential in linking resource protection with economic benefits.
According to Mr. Pham Hong Luong, Deputy Director of the Forestry and Forest Protection Department, the Emission Reduction Payment Agreement (ERPA) for the North Central region has had multifaceted impacts. Vietnam has collected US$56.5 million (approximately VND 1,387 billion), directly supporting more than 77,700 households and nearly 2,000 communities. This resource has not only improved livelihoods and invested in rural infrastructure but also raised people's awareness of forest conservation, effectively protecting 2.15 million hectares of natural forest and maintaining a forest cover rate of 57%.
Completing the legal framework and technical infrastructure.
To effectively utilize this resource, the forestry sector is focusing on perfecting the legal framework, with a focus on the Decree on carbon sequestration services and the national forest carbon standards. This forms the foundation for transparent and internationally compliant trading of carbon credits.
Simultaneously, the technical infrastructure is being built in a coordinated manner, including the Measurement, Reporting, and Verification (MRV) system and the carbon credit registration system. Modern technologies such as remote sensing and satellite imagery help to accurately monitor forest changes, enhancing the reliability of Vietnam's carbon credits in the domestic and international markets.
Targeting the high-quality international market.
The forestry sector is currently facilitating the transfer of 4.91 million tons of surplus CO₂ from 2018-2019 on the voluntary market for reinvestment in forests. Vietnam is also upgrading its credit standards to international systems (such as ART/TREES) to participate in high-value markets such as the CORSIA program of the international aviation industry. Preparing to participate in cooperation mechanisms under the Paris Agreement also opens up opportunities for mobilizing long-term financing.
Against the backdrop of a commitment to achieving net-zero emissions by 2050, the forest carbon market is asserting its role as a crucial tool for mobilizing social resources. When carbon sequestration capacity is properly valued, the full value of forests will be recognized, creating a strong impetus for modern and sustainable forestry development.
Source: https://baohaiphong.vn/thi-truong-carbon-rung-la-nguon-luc-moi-cho-nganh-lam-nghiep-535980.html
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