First Carbon Credits Sold in Mondulkiri

The government, in partnership with the Wildlife Conservation Society (WCS), sold its first carbon credits to billion-dollar media giant Disney for an undisclosed amount from Keo Seima Wildlife Sanctuary in the country’s northeastern province last week.

KHMER TIMES/SAFIYA CHARLES — MONDAY, 25 JULY 2016

The credits are part of a global carbon emissions trading scheme aimed at offsetting the expulsion of greenhouse gases (GHG) through reciprocal investment in sustainable programs and renewable energy initiatives.

A carbon credit is a financial token that represents one ton of CO2 or other GHG removed from the atmosphere through an emission reduction project – like the 292,690 hectare Keo Seima Wildlife Sanctuary – which can be used by a company, government or private entity to offset harmful carbon emissions they have generated.

Under the global initiative, Reducing Emissions from Deforestation and Forest Degradation “plus” Conservation (REDD+), developed countries – like the United States where Disney is based – may utilize these credits through payments for forest conservation to developing countries, based on the country’s efforts in reducing deforestation.

The Keo Seima Project, an ongoing climate change mitigation program, is projected to avoid the emission of more than 14 million metric tons of CO2 equivalents over its first 10-year period, between 2010 and 2019.

In this way, the program serves as an incentive to ensure that forest conservation becomes more economically beneficial, in developing countries, than forest destruction.

“This first large carbon sale for Cambodia is an important part of our vision for sustainable financing of protected areas, said Environment Minister Say Samal. “The agreement we have signed giving almost all the revenue to forest protection and community development shows our commitment to forests and people in Cambodia.”

Read more at Khmer Times: 
http://www.khmertimeskh.com/news/27595/first-carbon-credits-sold-in-mondulkiri/

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