CAPACITY AND PARTNERSHIP BUILDING FOR NATURE-BASED CARBON PROJECTS IN VIETNAM

The global voluntary carbon market generates $1 billion per year in carbon credit sales and is forecast to grow to around $50 billion per year by 2030. According to some estimates, up to one-third of this supply will come from nature-based carbon projects, including reforestation, agroforestry, forest protection, blue carbon, and mangrove plantings. There is currently a lack of nature-based carbon projects in Vietnam, representing a substantial missed opportunity for Vietnamese communities, forest owners, and environments to benefit from the substantial long-term economic, social, and environmental benefits these projects can offer.

On 04/01, at the Australian Embassy of Vietnam in Hanoi, the Centre for Conservation of Nature and Development (CCD) in collaboration with NatureCo, One Tree Planted, Cooper Energy and the Australian Department of Foreign Affairs and Trade (DFAT) organized the workshop “Building capacity to implement carbon projects and nature-based solutions in Vietnam”. The workshop is within the framework of the initiative “Facilitating nature-based carbon projects”, under the Business Partnership Platform (BPP) – a program of DFAT aimed at developing the carbon market in Vietnam.

The total of 9 local organizations participated in the workshop, which were determined as active units in implementing nature-based solutions thus far. By sharing experiences, discussing potentials of carbon projects and methods to effectively develop them, organizations can declare their initiatives via BPP to receive funding opportunities from investors and financially support forest owners and local communities.

With its efforts and initiatives, CCD and the partner group will continue to support nature-based solutions in Vietnam to reach the goals of carbon neutrality, following international standards and attracting private sector investments. The partner group expects successful pilots will facilitate the long-term investment for the carbon market and nature-based solutions, thus accelerating the pursuit of Sustainable Development Goals for Vietnam.