Two new REDD projects in Vietnam to be launched soon
Two more REDD projects are to be launched in Vietnam after the successful completion of examination phase of a REDD project in the National Park Bach Ma, Vietnam. The projects are being implemented by, Vietnam Carbon Exchange Limited (VEC) and its partner Voluntary Credits Limited (VCL-Australia).
The ongoing project's implementation started in 2009, covering 32,000 hectares of natural forests located in three provinces of Vietnam. Over 30 years, the project will create 15,500 tons of biomass, which will absorb 360,000 tons of CO2. Another similar project is underway in the Tam Dao National Park, also funded by VEC and VCL. It is expected that it will help create 50,000 to 60,000 tons of biomass and absorb 40,000 to 50,000 tons of CO2 each year, which corresponds to 1.2 to 1.5 million tons of CO2 over 30 years.
Unlike other forest carbon projects in Vietnam for reforestation, REDD projects in Bach Ma and Tam Dao aim to preserve and enhance the biodiversity of Vietnam’s natural forests. "A large sum will be paid in this project as forest carbon projects are very new in Vietnam. We want to develop REDD projects in areas where natural forests are destroyed and Vietnam in recession," said a representative of VCE according to Le Courier du Vietnam.
In Vietnam, most of REDD projects are carried out by the government, in cooperation with international organizations like the World Bank, Australian Agency for International Development. Recently UN started an experimental project under UN-REDD in the two districts of Lam Ha and Di Linh, Lam Dong province. The project is funded by the Norwegian Government, with an investment of $ 4.4 billion. At the beginning of last year, the German Group Forest Finance launched a REDD forests over an area of 1250 ha. “The group will be investing a sum of $ 4,700/ha in reforestation” stated a representative of Forest Finance Group.