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New resources from the forest

TQO - With a forest coverage of over 65%, including 229,145.72 hectares of natural forest, 165,909.56 hectares of planted forest, Tuyen Quang forest is currently a giant carbon sink. This is a new resource contributing to forest protection and development, implementing the goals of the National Strategy on green growth, combating climate change and Vietnam's Netzero commitment to the world.

In 2021, through the Vietnam Forest Owners Association, Energy and Environment Consulting Joint Stock Company (VNEEC) and Swiss Carbon Value Ltd. (belonging to South Pole Holding Group, Switzerland) came to Tuyen Quang to raise the issue of cooperation in developing carbon credit projects in the field of agriculture and forestry in the province. Accordingly, it will be proposed to pilot the development of carbon credit projects for planted forests in Tuyen Quang province under the VCS mechanism (a carbon emission reduction certification standard, managed by Verra, a non-profit organization for quality assurance in the certification of voluntary carbon emission reduction projects.)

VNEEC's calculations show that, if the project is approved, in the 2022 -  2030 period, Tuyen Quang will sell over 1.8 million credits, an average of nearly 63 thousand credits per year. VNEEC will buy for 8 USD/credit, Tuyen Quang will achieve a total revenue of nearly 12.1 million USD.

In addition to VNEEC, in 2022, Tuyen Quang province will be included by the Department of Forestry in a cooperation project with Korean SK Forestry Company on reducing greenhouse gas emissions for sustainable forest management, environmental protection and response to climate change. 14 northern midland and mountainous provinces.

Recently, VE Group connected with German and Swiss companies, headquartered in Hanoi, and asked Tuyen Quang to build a forest carbon credit profile. Including 3 stages: investment preparation, CO2 product certification (carbon credits) and investment in commercial business of CO2 certificates. Accordingly, VE ensures its own funding to build forest carbon credit records according to VCS/JNR standards and in accordance with regulations, and at the same time supports the province in negotiating, signing business investment contracts and selling carbon credits.

Compared to traditional customers of the forest such as forest product processing enterprises, eco-tourism, and medicinal plants under the forest canopy, customers who buy carbon credits will bring an attractive new revenue source, a very significant new resource for localities to protect and develop forests, and improve the lives of poor ethnic minorities in mountainous areas.

Thu Ha

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