Ecotree Group, a sustainable forestry company focusing on carbon removal and biodiversity preservation, will team up with Germany's NGUYEN GmbH Chau Au to implement a carbon dioxide reduction project in Vietnam under an agreement signed on May 31.
HCM City (VNA) – Ecotree Group, a sust💙ainable forestry company focusing on carbon removal and biodiversity preservation, will team up with Germany's NGUYEN GmbH Chau Au to implement a carbon dioxide reduction project in Vietnam under an agreement si🧔gned on May 31.
Under the project, Ecotree will plant 1 million ha of forest in Vietnam and manage them in line with European standard.
According to Le Thanh Tung, Chairman and General Director of Ecotree Group, its strategy is to attract foreign direct investment to Vietnam, contributing to boosting the country's socio-economic development and GDP growth.
To date, Ecotree has worked with 16 provinces and cities across the country, of which six have approved proposals on conducting surveys to pilot a carbon credit project for planted and natural forests.
He went on to say that Ecotree experts have begun conducting field surveys in some provinces such as Ca Mau, Gia Lai and Binh Dinh, which will serve as a foundation for signing cooperation agreements with local forest owners.
According to Raphael Thomas, an environmental expert, Vietnam has a very large forest area and great potential to develop the carbon credit market. He estimated that the project can absorb 12 million tonnes of CO2 each year and earn about 120 million EUR (130.4 million USD) per year.
Truong Thanh Ha, deputy head of Gia Lai province’s Forest Protection Department, spoke highly of the project, saying said that it does not only brings CO2 credits but also creates a better living environment, and improves income for people engaging in forest planting at the same time.
According to Ecotree Group, the CO2 reduction project will be deployed this year and its implementation results will be reviewed in each phase./.
Prime Minister Pham Minh Chinh emphasised the urgent need to develop a carbon market and carbon credit management mechanisms in his recently-issued directive.
2023 marked a significant milestone for the forestry sector as Vietnam successfully sold 10.3 million forest carbon credits (10.3 million tonnes of CO2) for the first time through the World Bank (WB) for 51.5 million USD, said Deputy Minister of Agriculture and Rural Development Nguyen Quoc Tri.
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Regional solidarity and cooperation are the key factor for the effective implementation of wildlife protection regulations. Only through sustainable cooperation, innovative approaches, and collective action can biodiversity be safeguarded for the present and future generations, an Vietnamese official has said.
Hanoi has approved a comprehensive plan to restore the environmental quality and develop four major urban rivers – the To Lich, Kim Nguu, Lu, and Set reverine environments.
The Javan pangolin is listed in Vietnam’s Red Book as critically endangered and is protected under Group IB – a category reserved for forest species facing an extremely high risk of extinction and requiring strict conservation measures.
As a key member of the core group of 18 countries, initiated by Vanuatu, Vietnam engaged in advocating for the UN General Assembly’s Resolution N.77/276, requesting for the ICJ’s advisory opinion. Following the resolution's adoption, Vietnam fully participated in all procedural steps for the first time, from submitting written proposals to presenting directly at the court’s hearings.
The wild elephant population in Da Nang includes a full developed herb of mature males, females, and calves. To date, the herd has grown to nine individuals.
Conservation efforts here have become a model, helping to save millions of turtle hatchlings and promoting Con Dao as a member of the Indian Ocean-Southeast Asia Turtle Site Network.
As part of its drive to fulfil its net zero emissions commitment by 2050, Vietnam is fast-tracking the development of a legal corridor to launch a pilot carbon market by the end of 2025, according to the Department of Climate Change.
Under the plan, from 2025 to 2026, the city will complete mechanisms and policies to support businesses in switching to green vehicles, expand the electric and green-energy bus network, and build charging stations. The targeted proportion of green buses is set at 10% in 2025 and 20–23% in 2026.
Storm Comay, the fourth in the East Sea this year, was at around 16.7 degrees North and 118.3 degrees East, in the east of the East Sea's northern waters as of 4am on July 24.
The disaster risk warning level for flash floods, landslides, and ground subsidence due to heavy rains and flows is rated at level 1, except in Nghe An, where it is raised to level 2.
