Cambodia successfully sells carbon credits in global voluntary carbon market

Cambodia has seen the successful sale of carbon credits in the global voluntary carbon market, earning $11.6 million from 2016 to 2020, a senior official said on Saturday.

Ministry of Environment’s secretary of state and spokesman Neth Pheaktra said the kingdom has sold three carbon credit projects at the Keo Seima Wildlife Sanctuary in Mondulkiri province, the REDD+ Project at the Southern Cardamom National Park in Koh Kong province, and the Prey Lang Wildlife Sanctuary in Stung Treng province.

He added that large companies that have purchased carbon credits in the global voluntary carbon market include Disney and Gucci, among others.

“Full peace, political stability and people’s better livelihoods have given us enough time and resources to protect and preserve our existing natural resources,” he told Xinhua.

According to the spokesman, Cambodia and Indonesia are the only two member countries of the Association of Southeast Asian Nations (ASEAN) that have sold carbon credits.

Pheaktra said the proceeds from the sale of carbon credits have been used to support efforts in natural resources protection and local community development through creating new jobs in the ecotourism industry.

He said companies buying carbon credits from Cambodia based their decisions on the assessment by an independent agency, which confirmed that the country was capable of adequately protecting natural resources.

The spokesman said Cambodia has added at least five more sanctuaries to its list of carbon credit sales and that the ministry of environment and its partner organizations are currently seeking voluntary buyers.

“We’re optimistic that more large companies will buy our carbon credits in coming years,” he said.

Pheaktra said Cambodia currently has more than 70 protected areas and biodiversity corridors with a total area of 7.3 million hectares, equivalent to 41 percent of the land area of Cambodia.