VIENTIANE: The government is moving to develop a domestic carbon credit market and voluntary greenhouse gas emissions-reduction standards, as well as implementing carbon credit projects focused on wetland preservation and fuelwood reduction through cooperation between the government and private sector.
These initiatives aim to advance environmental protection and sustainable economic development.
To this end, the Ministry of Agriculture and Environment, through its Department of Planning and Cooperation, signed a Memorandum of Understanding (MoU) with Phongsubthavy Group Sole Co., Ltd., represented by Greenstar Co., Ltd.
The cooperation is expected to support the country's efforts to leverage carbon credit opportunities and make better use of its natural resources, including forests and water sources, while advancing environmental objectives alongside economic development.
Speaking at the MOU signing ceremony, Ministry of Agriculture and Environment officials highlighted the importance of the agreement in supporting the ministry's agricultural and environmental strategy and development plan, nationally determined contribution, as well as government efforts to build an independent and self-reliant economy.
The agreement involves government agencies responsible for environmental planning, water resources, forestry and land management, and private-sector partners, who will advance cooperation in the development of carbon credit projects.
The MOU signing ceremony was attended by Vice-Minister of Agriculture and Environment Bounchanh Kombounyasith, Vice-Minister of Finance, Phetsamone SONE, Vice-Minister of Industry and Commerce Phouthavanh Nanthavong, and other government officials.
Speaking at the ceremony, Director of Greenstar Co., Ltd. Mone Nouansyvong highlighted the importance of cooperation across key areas—namely carbon credit markets, standards, and carbon credit development projects to support the government’s efforts to promote a green economy.
Representatives from government departments and the private sector participated in the signing, reflecting the intended cooperation across public institutions and businesses in developing the carbon credit market and voluntary emissions-reduction standards. - Vientiane Times/ANN
