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JOINT PRESS RELEASE ON CARBON CREDIT ISSUANCE FOR CAMBODIA-KOREA JOINT REDD+ PROJECT (1ST VERIFICATION)

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JOINT PRESS RELEASE ON CARBON CREDIT ISSUANCE FOR CAMBODIA-KOREA JOINT REDD+ PROJECT (1ST VERIFICATION)

Phnom Penh, September 01, 2020 –The TUMRING REDD+ Project is supporting 14 Community Forestry Groups in reducing deforestation and forest degradation (REDD+) through the implementation of project activities designed to address key drivers of deforestation and improve livelihoods across 67,791.17 hectares.

This project is designed under the Verified Carbon Standard (VCS) and the Climate, Community and Biodiversity (CCB) standard with the aim of reducing emissions in the forestry sector while seeking a potential market to generate income sources in order to continue supporting the project,hence marking a unique milestone in government-supported forest conservation.

This project has achieved its successful dual verification under the VCS and CCB Standards. It generated a net emission reduction of 645,410 tons CO2e over the monitoring period from January 2015 to December 2019. The project is being implemented by the Forestry Administration (FA) of the Royal Government of Cambodia, with funding support provided by the Korea Forest Service (KFS) of the Republic of Korea.

A proportion of generated forest carbon credits are going to be shared between Korea and Cambodia, while the remaining credits will be traded in the voluntary carbon markets in order to support forest-dependent communities in improving their livelihoods through incentives received from the sale.

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“This project is the most successful and predominant REDD+ project working with community forestry groups to reduce small-scale deforestation and forest degradation while improving local livelihoods of the participating community members. In close collaboration with the KFS and technical support from the Wildlife Works Carbon, the FA will expand the community-based REDD+ project to a larger scale, adding more activities including forest restoration, so that more forest can be protected,” said, Dr. Keo Omalis, Director General of the Forestry Administration.

“We are very pleased that the Tumring project has successfully produced a fruitful outcome through strong cooperation between the KFS and the FA. The issuance of the carbon credits bears special meaning in this COVID 19 crisis, which is an example of zoonotic diseases aggravated by deforestation, showing that the forest in the project area has been well conserved. We are very thankful for the inspirational work of the FA and local stakeholders on supporting the project to conserve the forest while enhancing the quality of life of community members as well as promoting biodiversity. We will continue cooperating with the FA to maximize the benefits that the forest can provide.”​ said, Mr. Kiyeon Ko, Director General of the Korea Forest Service.

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Currently, the project is seeking carbon credit buyers through the voluntary carbon market. The Forestry Administration calls on national, international investors and private sectors to purchase carbon credits directly from Tumring REDD+ project so that they can offset their carbon emissions.

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For more information please contact:
Mr. Delux CHHUN
Cambodia-Korea REDD+ Joint Project Manager Forestry Administration (FA), Cambodia
[email protected]
Tel: (855) 77 805 610

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