Vietnam plants and restores forests to reduce the impact of climate change

Implementing the project "Planting 1 billion trees"; exploiting social resources; building a carbon credit market... are Vietnam's efforts to plant and restore forests, contributing to the commitment to achieve net zero emissions by 2050.

According to the announcement of the national forest status in 2022, Vietnam has more than 10.1 million hectares of natural forest out of a total of 14.7 million hectares of forest. Although the national coverage rate is 42.02%, the quality of the forest has declined, the diversity is low, and the ecological function of the forest is no longer intact.

[caption id="attachment_442929" align="aligncenter" width="768"] Vietnam is actively implementing the project "Planting 1 billion trees". Photo: Tuyen Quang Newspaper[/caption]

Faced with these challenges, the Government, agencies, environmental organizations and individuals in Vietnam have implemented many activities to protect and restore forests. The most prominent is the project "Planting 1 billion trees" in the period of 2021-2025 issued by the Prime Minister.

According to the plan, from 2022-2025, the whole country will plant an average of 204.5 million trees/year, of which 142.5 million are scattered trees, an increase of 1.8 times compared to 2020. The project "Planting 1 billion trees" (690 million scattered trees in urban and rural areas, 310 million trees in protective forests, special-use forests, new production forests...) is one of the important premises for Vietnam to move towards sustainable development, bringing environmental and economic benefits.

With 180,000 hectares of concentrated forests, including 150,000 hectares of production forests, it is estimated that about 15 million m3 of wood and firewood will be produced for consumption and processing. In addition, with a total area of ​​180,000 hectares of newly planted concentrated forests, it is expected to absorb about 9 million tons of CO2 equivalent, equivalent to a value of 4.5 million USD.

To achieve the above goal, many financial resources are needed, in which socialization is an important solution to mobilize resources from sponsors, organizations, businesses, communities, households, individuals... In 2022 alone, the total investment capital for tree planting and new forest planting will be over 3,520 billion VND, of which the capital mobilized from socialization will reach 1,688 billion VND, accounting for 48%.

The country currently has 4.4 million hectares of production forests. Of these, about 1.4 million households and individuals from all economic sectors have invested in afforestation on 3.146 million hectares of forestry land. Land allocation to households has brought great economic, social and environmental benefits, contributing to increasing forest cover to 42.02%.

In addition, a number of organizations and businesses have many good practices and creative models, such as: The Nature Conservation Center (GAIA) has organized the planting of over 125 hectares of forest, equivalent to 228,000 trees in 2022; The program "One million trees for Vietnam" of Vietnam Dairy Products Joint Stock Company; units under the Vietnam Union of Science and Technology Associations (VUSTA) have effectively implemented 566 environmental protection projects; 214 climate change response projects...

In early May 2023, AstraZeneca Group announced a new investment of up to 50 million USD in Vietnam, within the framework of the global program called AZ Forest. This investment will be used for agroforestry, including sustainable production of wood, fruits and nuts, essential oils and resins; increasing agricultural productivity through intercropping and developing sustainable market value chains.

In line with the overall goal of achieving net zero emissions by 2050, Vietnam is currently building a carbon credit market, expected to pilot from 2025, complete the legal framework by 2027 and operate a carbon credit trading floor from 2028.

A representative of Citi Financial Group (USA) commented in the press: With the boom in demand for carbon credits after COP26, Vietnam has many opportunities to develop the carbon market. Vietnamese companies can create high-quality carbon credits and sell them regionally and globally, helping international companies fulfill their carbon emission reduction obligations.

[caption id="attachment_442935" align="aligncenter" width="768"] Vietnam is building a carbon credit market. Photo: Thesaigontimes[/caption]

According to Dr. Tang The Cuong, Director of the Department of Climate Change (Ministry of Natural Resources and Environment), to develop the carbon market in our country, it is necessary to complete the legal basis for the exchange of greenhouse gas emission quotas, carbon credits and credit exchange and offset mechanisms. Determine the total emission quota and allocate it to sectors and enterprises and identify potential sectors and projects.

In addition, it is necessary to train the team, management capacity, and organization to operate the carbon market. Raising awareness of businesses, organizations, and individuals to meet the readiness to participate in the carbon market.

At the same time, it is necessary to build a carbon quota and credit trading floor along with organizational and operational regulations so that the domestic market can officially operate and connect with regional and world markets.

Up to now, the Ministry of Natural Resources and Environment has been closely coordinating with the Ministry of Finance and relevant agencies to develop a market development project and is developing regulations on carbon credit management. Regulations on auction, transfer, borrowing, payment and withdrawal of greenhouse gas emission quotas. Using carbon credits to offset greenhouse gas emissions. Financial management mechanism for carbon market operations.

One of the immediate key tasks is to establish a national registration system to manage all carbon credits and connect with world standard systems and organizations such as gold standards, audited... Organizations and individuals will register accounts, provide relevant information about the type and quantity of carbon credits they own and other necessary information to participate in the market.

Minh Thai