Vietnam has the 16th highest biodiversity in the world.
The seminar “Sharing updated information on carbon markets from coastal forest ecosystems” took place on the afternoon of August 22, organized by Ho Chi Minh City University of Agriculture and Forestry in collaboration with the International Forestry Research Organization (CIFOR) and the Institute of Environmental Studies - University of Adelaide (Australia).
According to Dr. Pham Thu Thuy (University of Adelaide), the world has 5 countries that buy the most carbon credits, including Switzerland (15%), the US (6%), Germany (3%), the Netherlands (3%) and France (3%). There are 58 countries that sell the most carbon credits. Of which, Africa has Kenya, Uganda; Latin America has Peru, Colombia, Brazil; Asia - Pacific has Indonesia, China, India, Myanmar. The average price of 1 carbon credit globally is 11.2 USD/ton.
Ms. Thuy believes that Vietnam has many advantages to trade carbon credits, of which a stable political system is a big advantage. At the same time, Vietnam has high-value carbon market potential, with biodiversity ranking 16th in the world. On the other hand, about 25 million poor ethnic minorities depend on forests for their livelihoods.
“Vietnam currently has potential areas and quality of mangrove forests as well as terrestrial forests, which can carry out many types of projects such as new planting and replanting, REDD+, and improving sustainable forest management. In addition, Vietnam also plays an important role in the carbon market supply chain,” Ms. Thuy commented.
Mr. Vu Tan Phuong - Vietnam Sustainable Forest Management Certification Office - informed that our country currently has about 150,000 hectares of mangrove forests, of which 80% are distributed in the South. The tidal flats are very large, mainly in the Red River Delta and the Mekong River Delta. The whole country has about 15,673 hectares of seagrass, mainly concentrated in the Phu Quoc island area...
However, according to Mr. Phuong, the current challenge is that the legal framework and guidelines are not yet clear and detailed on investment, carbon rights, benefit sharing or coordination mechanisms between ministries, localities, regulations on registration and trading of carbon credits. In addition, there are some limitations in technical capacity in building and implementing forest carbon projects...
“Vietnam needs to have a strategy and plan for forestry development associated with creating forest carbon credits. Issues that need special attention are potential, priority areas, customers, mechanisms, policies, solutions as well as incentives to attract investment. In addition, we also need to ensure technical capacity throughout the entire implementation process, especially capacity in project development, measurement, reporting and appraisal,” Mr. Phuong suggested.
Carbon markets are an important and urgent issue.
Meanwhile, Dr. Tran Dinh Ly - Vice Principal of Ho Chi Minh City University of Agriculture and Forestry - said that the carbon market is becoming an important and urgent issue in the context of increasingly complex climate change.
According to Mr. Ly, sharing and updating the latest research on opportunities and challenges in the carbon market, discussing feasible solutions to promote sustainable management and optimal exploitation of these resources not only protects the environment but also brings economic benefits to local communities.
“Close cooperation between scientists, regulators, and the community is a prerequisite for achieving these goals,” said Mr. Lee.
According to Mr. Ly, studies have shown that mangroves and coastal wetlands have a much higher carbon absorption capacity than other ecosystems, especially tropical forests. However, the market for blue carbon from these ecosystems has not yet been exploited and widely disseminated.
With their great potential to mitigate climate change, coastal ecosystems are attracting the attention of many investors in the global carbon market. However, the lack of information and the limited trading of blue carbon credits have made it difficult to develop effective projects.
“On the other hand, Vietnam has had advanced policies to protect, expand and improve the quality of forests and coastal ecosystems. Currently, the Government has set high goals in developing the forest carbon market, including blue carbon, to create a sustainable financial mechanism, supporting policies to mitigate and adapt to climate change. That is one of Vietnam's great advantages,” Mr. Ly affirmed.
Forestry Department: Negotiating and signing more agreements to sell forest carbon credits
Selling forest carbon credits is of interest to many localities in our country and they want to implement it soon. However, this is a new field, the Forestry Department has informed a series of related issues for the provinces to understand.
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Source: https://vietnamnet.vn/viet-nam-co-nhieu-tiem-nang-ve-thi-truong-tin-chi-carbon-2314665.html
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