Quang Nam is focusing on forest economic resources, non-timber forest products and setting a trend towards forest carbon trading market.
Emission trading is considered one of the forms of greenhouse gas reduction, a source of income from forest besides timbers and non-timber forest products.
Forest absorbs CO2. The larger the forest, the bigger the amount of CO2 absorbed and the higher the income. The Quang Nam's policy on payments for forest environmental services helps the province have revenue which will be used for forest protection and management.
At present, Quang Nam is making every effort to fight against deforestation and forest degradation, to conserve and manage forest resources sustainably, and to enhance forest carbon stocks.
Accordingly, Quang Nam chooses the model of forest garden whose absorption capacity of CO2 is known to be 4 times higher than the others.
Prospects of forest carbon credit trading
Factories and plants that emit much greenhouse gas often buy carbon credits. In the period of 2018-2030, Quang Nam forests’ CO2 absorption capacity is 11.2 million tons, meeting the necessary criteria for global carbon credit trading.
So, Quang Nam is planning to set up a forest carbon credit market, developing strategies in order to achieve global forest carbon market penetration.
It is reported that the Ministry of Agriculture and Rural Development of Vietnam will soon promulgate a set of regulations on measurement of CO2 absorption and payment for forest environment services.
It is considered as a government’s action to support the provinces with large forest area to approach the global forest carbon market.