On 18th September 2024, a significant step towards combating climate change and promoting sustainable development was taken in Laos. The Ministry of Agriculture and Forestry and Green Synergy Co., Ltd. signed a Memorandum of Agreement (MOA) to initiate a carbon credit project. This project, building upon a previous Memorandum of Understanding (MOU) signed on May 5, 2023, aims to reduce carbon emissions from deforestation and forest degradation (REDD+) in eleven target areas across six southern provinces of Laos.
The project, spanning 1,185,358 hectares, is expected to generate approximately 17.8 million tons of carbon credits over 40 years. These credits will be sold on international markets, generating funds for sustainable development initiatives in Laos.
The project will directly benefit over 7,500 households in 140 villages within the target areas. It will create sustainable job opportunities, improving the livelihoods of local communities. Additionally, the project aligns with Laos’ commitment to its Nationally Determined Contributions (NDCs) under the Paris Agreement.
Both the government and private sector are involved in this partnership. High-ranking officials from the Ministry of Agriculture and Forestry, Ministry of Planning and Investment, and Ministry of Natural Resources and Environment attended the signing ceremony. International partners from Syngenera Pte. Ltd. and LEET Intelligence Co., Ltd. were also present to support the initiative.
This collaboration marks a significant step forward for Laos in its efforts to achieve sustainable development and environmental conservation.
