Practical applications of carbon credits in the economy. Part XVIII: The Crucial role of biosphere reserves in carbon sequestration and CO2 absorption

DNHN - According to Dr. Huỳnh Đức Hoàn, Head of the Management Board of the Cần Giờ Protective Forest, Biosphere Reserves play an essential role in maintaining and enhancing the ability of forests to sequester carbon and absorb CO2.

Mr. Hoàn, what are the notable features of biosphere reserves in Vietnam, such as the Cần Giờ biosphere reserve, and why are they important for developing carbon credits?

Dr. Huỳnh Đức Hoàn: The Cần Giờ Mangrove Biosphere Reserve, with an area of over 34,500 hectares, is a crucial part of the ecosystem of Cần Giờ district and Ho Chi Minh City.

In particular, the mangrove forest not only covers nearly half of the district's natural area and almost one-sixth of the city's area but also plays an essential role in maintaining ecological balance. It functions as a "green lung," helping to regulate the climate and reduce the greenhouse effect; as a "green wall," protecting against natural disasters like storms, cyclones, and high tides; and as a "kidney," filtering and absorbing waste from the upstream Dong Nai River before it flows into the East Sea. Additionally, Cần Giờ serves as an important carbon sink and holds significant potential for developing carbon credits for Ho Chi Minh City.

How does conservation and sustainable development in biosphere reserves in Vietnam impact the implementation of carbon credits?

Dr. Huỳnh Đức Hoàn: The sustainable conservation of forest ecosystems, often the core areas of Biosphere Reserves, plays a crucial role in maintaining and enhancing the carbon sequestration and CO2 absorption capacity of these forests. This not only contributes to climate regulation but also facilitates the exchange and trading of carbon credits, a vital tool in managing climate change. The economic value derived from carbon credit trading can be viewed as a long-term, sustainable investment source for local forest management projects and programs. In particular, these funds can be used to improve the living conditions and provide financial support to those directly involved in forest protection, thereby enhancing the effectiveness of forest protection and management efforts.

These activities not only align with the Biosphere Reserve's motto of "Conservation for Development and Development for Conservation," but also ensure the sustainable development of both the forest ecosystem and the local community.

What standards and methods for measuring carbon credits are currently being applied in biosphere reserves?

Dr. Huỳnh Đức Hoàn: Currently, the Forest Protection Department has officially issued the "Technical Handbook for Forest Inventory" under Decision No. 145/QD-KL-CDS dated June 18, 2024. This document outlines detailed methods and techniques for conducting forest ecosystem surveys and assessments, with a particular focus on calculating forest carbon stocks. This is a critical step in determining the amount of carbon that forests can store and their CO2 absorption capacity.

This technical guide provides the necessary tools and methods to accurately assess carbon stocks, including the measurement and analysis of carbon storage in tree trunks, branches, leaves, and forest soil. Accurate carbon stock calculations not only help evaluate the effectiveness of forest protection and management but also enable the precise conversion of carbon credits when participating in the carbon trading market.

The conversion of carbon credits is an important part of participating in the carbon trading market, with 1 carbon credit equivalent to 1 ton of CO2. This process not only helps organizations and nations achieve greenhouse gas emission reduction targets but also creates economic opportunities for forest protection and development projects. The technical guide from the Forest Protection Department will provide a solid foundation to ensure transparency and efficiency in the assessment and trading of carbon credits.

How do government policies or support from international organizations influence the implementation of carbon credits in Vietnam?

Dr. Huỳnh Đức Hoàn: As far as I know, according to the Government's plan, the domestic carbon market will enter the pilot phase in 2025 and officially operate in 2028. To prepare for this important event, Article 139 of the amended Environmental Protection Law assigns the Ministry of Natural Resources and Environment and the Ministry of Finance the task of designing and establishing the carbon market.

Currently, the Ministry of Finance is actively consulting and studying international experiences to ensure the effective implementation of the carbon trading platform. This preparation includes studying carbon market models that have been applied in other countries to apply lessons learned and make appropriate adjustments to Vietnam's specific conditions.

Designing and establishing the carbon market is an important task, not only to meet environmental protection requirements but also to create opportunities for sustainable economic development. The Ministry of Finance is urgently finalizing plans and preparing the necessary legal frameworks to ensure the carbon market will operate smoothly and efficiently when it officially goes live.

What suggestions do you have to improve or expand the implementation of carbon credits in the Cần Giờ biosphere reserve and other biosphere reserves in Vietnam in the future?

Dr. Huỳnh Đức Hoàn: First, it is necessary to continue to fully and effectively implement the Sustainable Forest Management Plan in the core areas of the Biosphere Reserve. This should particularly focus on developing and protecting mangrove ecosystems, as these ecosystems have the ability to store carbon 2 to 3 times more than other terrestrial ecosystems.

Next, there should be increased research and assessment of carbon sequestration and CO2 absorption capacity across the entire national forest area. This will help build a solid database to serve the implementation and management of the carbon market in the future.

Finally, the early issuance of a mechanism and the operation of the carbon trading platform is crucial to creating financial resources to support sustainable forest management, protection, and development. This will not only improve the effectiveness of conservation efforts but also contribute to the sustainable development of the forestry sector.

Phan Chinh