The Lao government will work with a Chinese company to study the feasibility of a scheme to reduce greenhouse gas emissions due to deforestation.
A Memorandum of Understanding on a feasibility study to set the initiative in motion, under the Reducing Emissions from Deforestation and Forest Degradation (REDD+) project was signed between the Lao Ministry of Agriculture and Forestry and Sichuan Huatou Carbon Sink Development in the Lao capital on Friday, the Lao national TV reported on Tuesday.
If the feasibility study yields the hoped-for results and the proposed project goes ahead, it will generate income from the conservation and management of forests, which will benefit the Southeast Asian country as a whole and people living in the areas where the project is implemented.
If approved, the project will support Laos’ obligations under the international convention on climate change and create opportunities for people to participate in the management of forest resources, as well as improve the lives and livelihoods of people in target project areas.
The agreement paves the way for the Lao government and the company to access sustainable sources of capital for the management and protection of forest resources and to work together to develop carbon technology and access the sustainable forest carbon credit market.
The project will take place in the Yot Nam Mo-Phou Sam Soum mountain area and the Nam San-Nam Pheuak protected area in northern Laos’ Xieng Khuang and Xaysomboun provinces, covering a total area of about 140,000 hectares.
If the project goes ahead, it is estimated that carbon dioxide emissions will be reduced by about 200,000 tons per year.
The REDD+ project aims to reduce greenhouse gas emissions due to deforestation and forest degradation, and introduce sustainable forest management and forest protection to enhance and increase the area of forest carbon sources.
The Lao government aimed to cut greenhouse gas emissions to zero by 2050.