On July 15, the Vietnam Forest owners Association and Forest Trends organized a seminar to provide comments on the draft Decree regulating carbon absorption and storage services for forests. Speaking at the opening of the seminar, Mr. Tran Quang Bao, Director of the Department of Forestry and Forestry, said that the Ministry of Agriculture and Environment is conducting consultation activities to give comments on the draft Decree regulating carbon absorption and storage services for forests. The Decree aims to mobilize new financial resources for forest protection through the operation of the forest carbon market in the coming time.
According to Mr. Tran Quang Bao, Director of the Department of Forestry and Forest Protection, the draft decree was developed with the goal of providing maximum support for forest owners, especially in simplifying procedures and facilitating participation in the carbon market. When issued, the decree will "untie" carbon credit owners, allowing them to be more proactive in exchanging, transferring or offsetting credits not only domestically but also with international partners.
It is noteworthy that the draft also aims to strongly attract the participation of the private sector and businesses - entities with financial and technological potential - to increase forest reserves, thereby making a practical contribution to the goal of sustainable forestry development and implementing Vietnam's commitment to responding to climate change, Mr. Tran Quang Bao emphasized.
According to Mr. To Xuan Phuc, Forest Trends Organization, the drafting of the decree expects to have new financial resources, not only from international sources but also from domestic private sources, through the operation of the carbon market. Vietnam has committed to contributing by self-determined countries (NDCs) within the framework of the United Nations Convention on Climate Change. The remaining, in addition to the commitment that NDC will be allowed to trade on the carbon market.
As a researcher, Mr. To Xuan Phuc said that currently, the forest area, especially planted forests of households, is very large. These are land areas that the State has allocated to people for long-term forest production and development and households have invested their own capital. Therefore, household planted forests need to be considered private assets and related regulations and decrees should be expanded in the direction of allowing people to have full rights to joint venture, link and participate in the carbon market.
Sharing about the draft decree, Ms. Nghiem Phuong Thuy, Department of Forestry and Forestry, said that the decree is a step to perfect the legal framework to concretize commitments on reducing greenhouse gas emissions in the forestry sector, especially after Vietnam announced the target of net zero emissions by 2050.
The draft Decree consists of 4 chapters and 18 articles, referring to the determination of emission reduction results, forest CO2 credits provided, to implementation organization, revenue management and payment mechanisms. This is the first time Vietnam has developed domestic forest carbon standards, in parallel with the mechanism of recording credits according to international standards.
