The Lao government has signed an agreement with a private company to launch a forest carbon credit initiative in an effort to reduce greenhouse gas emissions from forest destruction and forest degradation.
Representatives of the Lao government and AIDC attend the agreement signing ceremony on May 8, 2024. (Photo: thestar.com.my)
Vientiane (VNA) – The Lao government has signed an agreement with a private company to launch a forest carbon credit initiative in an effღort to reduce greenhouse gas emissions from forest destruction and forest degradation.
Under the Memorandum of Understanding (MoU) for the cooperation between the Lao Ministry of Agriculture and Forestry, the Lao Ministry of Natural Resources and Environment, and the company AIDC Green Forest, the project will involve eight forests with a total area of approximately 1.4 million hectares.
According to the Ministry of Agriculture and Forestry, the scheme is an important national strategy and is in line with strategies adopted by other countries to reduce forest destruction, which is one of the causes of climate change.
The initiative will help protect and restore forests while also improving the quality of life of local communities, and strengthening the national economy and the overall development of society.
Under the MoU, international standards will be followed to advance the purchase and sale of carbon credits in the future. The project will be a big step forward in enabling Laos to buy and sell forest carbon credits in line with Lao and international market mechanisms./.
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