A project theming "Building Capacity to Implement Climate Change Mitigation Plans and Mobilizing Sustainable Financial Resources for Forest Protection and Development, including a High-Quality Forest Carbon Market (Carbon for Good)" has recently been launched in the mountainous province of Lai Chau in Vietnam's northwest region.
Executed by the leading international humanitarian organization CARE, the Center for International Forestry Research (CIFOR), and the University of British Columbia (UBC), the project seeks to leverage Canada's top expertise in forestry management and explore collaboration opportunities with Canadian stakeholders, including companies, investors, academic institutions, and government agencies.
Running until March 2028, the project is part of Canada's commitment to support the development of a high-quality forest carbon market in Vietnam. The project aims to accelerate adaptation and resilience to climate change while assisting Vietnam in achieving its national climate action goals, biodiversity conservation, and inclusive socio-economic development.
The project aims to enhance climate governance towards positive nature-based adaptation and mitigation of negative impacts by developing a high-quality forest carbon market and increasing private sector participation in funding and implementing forest-based carbon projects. It will also focus on community-based forest governance in four provinces with high biodiversity.
To ensure market readiness, the project will aim to achieve four main outcomes.
First, it will provide detailed reports on assessing the carbon absorption and storage potential of each province, offering essential baseline data for quantifying future carbon credits. Second, it will evaluate the provinces' ability to meet national greenhouse gas (GHG) emission reduction targets assigned by the Government, ensuring compliance and potential maximization. Third, comprehensive dossiers for each province will detail the potential for developing forest carbon credits, preparing them for market participation upon legal approval. Fourth, it will offer in-depth training on carbon credit valuation methods, project development, and market risk/opportunity assessment, enhancing the capacity of provincial officials and local businesses.
These outcomes are expected to transform forest assets into sustainable revenue sources, improve local livelihoods, and significantly contribute to Vietnam's climate goals.
Lai Chau's Vice Chairman of the People's Committee, Mr. Ha Trong Hai, emphasized this is a timely and meaningful project that will help Lai Chau enhance institutional, technical, and management capacity in greenhouse gas emission reduction; lay a foundation for forming the province's forest carbon market; thus contributing to the achievement of net-zero emissions by 2050 that Vietnam had committed to at COP26.
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