The Binh Thuan Forest Protection and Development Fund is ready to access carbon market

Over a decade, the Binh Thuan Forest Protection and Development Fund has effectively fulfilled its responsibilities in mobilizing, receiving, managing, and using financial resources for the conservation and development of forests in accordance with regulations.

In the near future, the Vietnam Forest Protection and Development Fund will work with other organizations to conduct research and assessment on forest environmental services related to carbon absorption and storage (domestic carbon). Additionally, officials from the provincial Forest Protection and Development Fund will attend training courses on the "Domestic Carbon Trading Market - ETS" organized by the central government. The training sessions will provide Fund officials with updated information on the operation mechanisms, emission trading, and carbon credits trading on the exchange platform of the domestic carbon market, as specified in Decree 06/2022/NĐ-CP.

Mr. Le Thanh Son, Deputy Director of the Department of Agriculture and Rural Development and the Director of the Binh Thuan Province Forest Protection and Development Fund, emphasized the importance of actively participating in the carbon market, specifically the domestic carbon trading market known as ETS. This proactive engagement will demonstrate the Fund's preparedness to increase the value of forests by providing forest environmental services through the carbon market. This aids in the efficient implementation of the Government's decree on the transfer of emission reduction outcomes and the management of financial agreements for payment of emission reduction in the Central Highlands and South Central Coast areas after its release.

Mr. Le Thanh Son emphasizes the crucial significance of institutionalizing forest environmental services via the carbon market and implementing them in reality. This is a notable advancement for the forestry industry as it harnesses supplementary social resources to promote the sustainable preservation and growth of forests, while also improving the quality of life for poor neighborhoods who rely greatly on forest resources.

The establishment of a payment system for forest environmental services, namely for the trade of forest carbon credits, is crucial and suitable for the current circumstances in Vietnam and the worldwide movement towards collaborative actions in safeguarding the environment and addressing climate change. The revenue generated by the sale of forest carbon credits will be used towards the management, conservation, and development of the forest. The state will implement methods to enable local communities to actively engage in the activities of patrolling, safeguarding, planting, preserving, and storing carbon... when income rises, local populations would gradually stop encroaching on forests and become more involved in conserving and protecting forest ecosystems", Mr. Le Thanh Son stressed.