Carbon credit schemes, concessions slashed

The Ministry of Environment has cancelled seven carbon credit schemes and reduced the leases of six economic land concessions (ELCs) as part of an ongoing reform effort, according to an announcement released on Friday.

Carbon credits are created when companies invest in projects, usually abroad, to offset their emissions, while Cambodia’s ELC system has come under scrutiny over its effect on the environment and forced evictions.

Srun Darith, the ministry’s chief of cabinet, said that seven unnamed companies had their carbon credit projects cancelled due to inactivity. “They were passive and did not fully conduct their studies,” he said.

As for the ELCs, the ministry announced in July that it was implementing a move to reduce their leases to 50 years across the board.

The latest six companies to have their terms reduced cover 45,468 hectares of land in Koh Kong, Kampot, and Pursat provinces.

Contact author: Pech Sotheary

MOST VIEWED

Joy as Koh Ker Temple registered by UNESCO
Cambodia's Koh Ker Temple archaeological site has been officially added to UNESCO’s World Heritage List, during the 45th session of the World Heritage Committee held in Riyadh, Saudi Arabia, on September 17. The ancient temple, also known as Lingapura or Chok Gargyar, is located in
Ream base allegations must end, urges official
A senior government official urges an end to the allegations and suspicions surrounding the development of Cambodia’s Ream Naval Base, now that Prime Minister Hun Manet has addressed the issue on the floor of the 78th UN General Assembly (UNGA 78). Jean-Francois Tain, a geopolitical
Cambodia set to celebrate Koh Ker UNESCO listing
To celebrate the inscription of the Koh Ker archaeological site on UNESCO’s World Heritage List, the Ministry of Cults and Religion has appealed to pagodas and places of worship to celebrate the achievement by ringing bells, shaking rattles and banging gongs on September 20. Venerable
CP denied registration documents by ministry
The Ministry of Interior will not reissue registration documents to the Candlelight Party (CP). Following a September 21 meeting between ministry secretary of state Bun Honn and CP representatives, the ministry cited the fact that there is no relevant law which would authorise it to do
Cambodian diaspora laud Manet’s UN Assembly visit
Members of the Cambodian diaspora are rallying in support of Prime Minister Hun Manet’s forthcoming visit to the 78th UN General Assembly (UNGA 78) in the US’ New York City this week. Their move is an apparent response to a recent call by self-exiled former
After three deferrals, Capital Gains Tax to take effect Jan 1, 2024
The General Department of Taxation (GDT) will implement the Capital Gains Tax starting January 1, 2024 to after being deferred three times as industrial players warn that the implementation might have some negative impact on the property market growth, which is down due to the economic downturn.