A partnership to pave the way for high integrity nature-based carbon projects to be implemented in Vietnam. The project will map opportunities for nature-based solutions across the country, work with local organisations to build carbon skills, and develop a pilot reforestation carbon project, to lay the foundations for future growth and private sector investment in nature-based solutions in Vietnam.
The global voluntary carbon market generates $1 billion per year in carbon credit sales and is forecast to grow to around $50 billion per year by 2030. According to some estimates, up to one third of this supply will come from nature-based carbon projects, including reforestation, agroforestry, forest protection, blue carbon and mangrove plantings. There is currently a lack of nature-based carbon projects in Vietnam, representing a substantial missed opportunity for Vietnamese communities and environments to benefit from the substantial long-term economic, social and environmental benefits these projects can offer.
About the initiative
The partnership will identify opportunities for nature-based carbon projects across Vietnam and build capacity in carbon project development within local organisations. Together, partners will develop an end-to-end pilot 700-hectare reforestation carbon project. The partnership will take the pilot project from concept stage, through government approval processes, to a project registered under global voluntary standards and ready for implementation. The process and learnings of the pilot project will be documented, and a toolkit and other resources developed and made widely available to enable future nature-based carbon projects.
Long-term income opportunities and sustainable carbon project capacity
The partnership is designed to provide long-term economic benefit for local organisations through increasing involvement in the global voluntary carbon market. The partnership will deliver training and capacity building workshops with at least 5 local organisations to develop new nature-based carbon projects, including a “train-the-trainer” component that will ensure the knowledge generated through the pilot project can continue to be shared beyond the BPP partnership period. The partners will apply NatureCo and One Tree Planted’s co-developed community benefit-sharing model to the project, in addition to seeking to employ diverse local community members in project implementation, including women and ethnic minorities.
Key contributions from partners:
- NatureCo is leading and coordinating all partnership and project activities, and is providing carbon expertise in relation to mapping, capacity building and project development.
- Centre for Nature Conservation and Development is designing and implementing the pilot reforestation carbon project, identifying other implementation partners, supporting the training and capacity building program, and facilitating the government approval process.
- One Tree Planted is providing financial support to the partnership in addition to supporting the training and capacity building work, project implementation and identifying local implementation organisations.
- Cooper Energy is providing financial support to the project feasibility assessment and project registration and may, subject to the outcome of the feasibility assessment, invest in the full implementation of the pilot project.
- Australian Department of Foreign Affairs and Trade provides catalytic funding and can offer gender expertise to strengthen social and commercial impacts, connection to an extensive network, support to capture and report social impact, and national and global recognition.
Hear from our partners
“We want our work to support a thriving nature-based carbon market in Vietnam providing significant economic, social and environmental benefits to local communities. We feel privileged to be chosen to undertake this important work in stepping the first nature-based carbon project in Vietnam through government approval processes together with CCD and the BPP team. The capacity building lays the foundational skills for new projects to be identified, and this together with opportunity mapping across Vietnam will be the corner piece to enable future growth and private sector investment in nature-based solutions in Vietnam.” Todd Berkinshaw, CEO, NatureCo.
“This partnership project ‘Enabling nature-based carbon projects in Vietnam’ with the piloting of nature-based carbon solutions in the Dakrong Nature Reserve in Quang Tri province following global voluntary standards will be a precedent and best practice for Vietnam to start its trial carbon trade exchange by 2025. Lessons learned from this project will help the government of Vietnam formulate national carbon market development policies and officially operate the carbon trade exchange from 2028.” Dr. Ha, Director, CCD.
“One Tree Planted is excited to collaborate with the BPP, NatureCo and CCD to scale nature based carbon projects in Vietnam. Capacity building, key learnings from the Dakrong Nature Reserve pilot project and integration of government approval processes, will provide the foundation to streamline access to carbon markets and develop future carbon projects in Vietnam. The tools, resources and processes established under this grant will provide a robust framework that can be adapted to other countries across the Asia-Pacific and beyond.’ Alastair Jones, Major Projects Manager, Asia Pacific, One Tree Planted
“Cooper Energy is pleased to support this foundation capacity building project. As Australia’s first carbon neutral certified gas producer we have committed to fully offset our scope-1, scope-2 and controllable scope-3 emissions as our business grows. We strive to do this where there are tangible environmental and social benefits. Partnerships such as this project ‘Enabling nature-based carbon projects in Vietnam’ highlight what can be achieved from carbon abatement. We are proud to be a part of a project providing long-term economic, social and environmental benefits to Vietnam.” David Maxwell, Managing Director, Cooper Energy