Cooper Energy to participate in nature-based carbon projects in Vietnam
SUMMARY
The pilot phase is focused on the development of a 700-hectare reforestation carbon project scheduled for implementation in 2024.
By Shardul SharmaAustralia’s Cooper Energy is participating in a A$1.1mn (0.74mn) partnership to lay the foundations for nature-based carbon projects in Vietnam, it said on November 30.
The partnership has three work streams: a pilot reforestation project in the Dakrong Nature Reserve in Quang Tri province, Vietnam; capacity building in local project implementation organisations across the country; and exploring opportunities for wider carbon project initiatives in Vietnam.
Australia’s department of foreign affairs and trade is providing funding and support to the project through the business partnerships platform. A matching contribution will be provided by Cooper Energy and the other implementation partners: Australia-based NatureCo, Centre for Nature Conservation and Development and One Tree Planted.
The pilot phase is focused on the development of a 700-hectare reforestation carbon project scheduled for implementation in 2024. Subject to a detailed feasibility study, more than one million trees will be planted.
“This agreement represents a low-risk, cost-effective, and highly scalable entry to the international carbon market,” Cooper Energy managing director, David Maxwell, said. “It is a unique partnership team bringing together expertise and funding from the private and public sectors to pave the way for high integrity, nature-based carbon projects to be developed in Vietnam.”
Cooper Energy said it has been net zero for scope-1, scope-2 and controllable scope-3 emissions since FY20.
