Since 2015, the Korea Forest Service (KFS) has reduced 650,000 tons of greenhouse gas (GHG) emissions in Cambodia through the Reducing Emissions from Deforestation and Forest Degradation plus (REDD+) Project carried out in Kampong Thom Province of the Southeast Asian country.
The reduction amount is equivalent to annual GHG emissions from about 340,000 passenger cars (energy efficiency level 3), which produce 1.92 tons of emissions per unit.
Moreover, the KFS’s five-year greenhouse gas reduction activities until 2019 were officially certified by the Verified Carbon Standard (VCS) on Sept. 3, enabling it to make profits by selling its emission rights in voluntary carbon markets in the future.
The value of the KFS’s emission rights is estimated at US$3 million, far exceeding the total project cost of US$1.6 million. The calculation is based on the price of carbon credits (US$5/ton) applied by the Green Climate Fund (GCF) to REDD+ projects in developing countries such as Brazil.
The KFS pushed forward with the Korea-Cambodia Pilot REDD+ Project based on a business agreement signed with the Forest Administration of Cambodia in December 2014. It launched a project group in 2015. The project aims to jointly respond to climate change boost the income of local residents through forest conservation.