Cambodia has shared experience in Reducing Emissions from Deforestation and Forest Degradation (REDD+) implementation with Singapore.
The experience sharing took place in a meeting between H.E. Chuop Paris, Undersecretary of State at the Ministry of Environment and representatives from Indonesia’s Ministry of Environment and Forestry here in Phnom Penh on May 10.
H.E. Chuop Paris underlined the good management of REDD+, especially the protection and conservation of natural resources, and carbon credits.
Peace, commitment and strong leadership are key factors driving the smooth REDD+ implementation in Cambodia, explained the undersecretary of state.
The main purpose of REDD+ is to protect the forest for the national interest and to mitigate climate change risks in line with the United Nations Framework Convention on Climate Change (UNFCCC).
Since 2016, Cambodia has earned US$11.6 million from the sale of carbon credits at Kao Seima Wildlife Sanctuary and Southern Cardamom National Park to big firms like Disney, Shell and Gucci.
There are now only Cambodia and Indonesia that can sell the carbon credits in the form of Voluntary Carbon Market; and Cambodia is among the countries implementing REDD+ well along with Malaysia, Vietnam, Indonesia, Brazil, Ecuador, Colombia, Chile, Mexico, and Kenya.
According to Forest References Level, Cambodia can produce 10 million tonnes of carbon credits a year to get funds within the framework of Result-Based Payment from Green Climate Fund.
Source: Agency Kampuchea Press