On December 9, the Department of Agriculture and Environment of Gia Lai province said that it had developed a outline for the pilot project for forest carbon credit trading to be able to soon participate in the business market, creating investment capital for the forestry sector.
In 2021, Kon Ha Nung Plateau Biosphere Reserve, including Kon Ka Kinh National Park and Kon Chu Rang Nature Reserve, was recognized by UNESCO as a World Biosphere Reserve. This area covers an area of over 400,000 hectares and has not been affected by exploitation or deforestation activities.
Some forest areas in Gia Lai are currently leased for ecotourism development, exploration, experience and participation in forest environmental service payments.
Experts estimate that the area of Gia Lai forests that can absorb and store 1 million tons of CO2 per year is equivalent to 1 million forest carbon credits/year. With the lowest carbon credit price estimated at 10 USD/ton of CO2, Gia Lai can earn about 130 billion VND/year.
The forest area is mainly large-scale, stretching in the old Gia Lai area, of which natural forests are over 478,000 hectares, planted forests are over 156,000 hectares and under-forested forests are over 14,000 hectares.
According to Mr. Truong Thanh Ha - Deputy Head of the Gia Lai Provincial Forest Protection Department, according to accurate data, Gia Lai province has the largest forest area in the Central Highlands and ranks 4th in the country. This is a great potential for the province to develop the forest carbon credit market.
If they can participate in the carbon credit trading market, Vietnam in general and Gia Lai province in particular will mobilize a huge amount of financial resources. This financial source will contribute to protecting and developing sustainable forests, improving the income and life of people as well as those working in forest protection.
Currently, the provincial Forest Protection Department is creating livelihoods for local people living near forests and in forests through contracting and assigning forest protection contracts.
Forests are not only planted with medicinal herbs, afforestation, eco-tourism... but also respond to climate change, floods, and severe natural disasters.
