November 15, 2024 – At the UNFCCC COP29 Forest Pavilion, Asian Forest Cooperation Organization (AFoCO) hosted a side event titled “Advancing Forest Policies for NDC Achievement and Carbon Market Access through International Cooperation.” The event brought together key experts to discuss innovative approaches to achieving Nationally Determined Contributions (NDCs) and facilitating access to carbon markets through mechanisms such as REDD+ and Article 6 of the Paris Agreement.
Opening and Introduction
Moderated by Ms. YoungJu Han, Program Officer at AFoCO, the event began with opening remarks by Mr. Songhee Nam, Director General of the Korea Forest Service. He highlighted the role of forests as carbon sinks and the importance of international cooperation through REDD+ and carbon markets. He also outlined Korea’s efforts to achieve sustainable forest management and ambitious climate goals.
Key Points from Presentations
The session featured four presentations by key stakeholders, each addressing different aspects of advancing forest policies and integrating forestry projects into carbon markets:
Achieving NDCs through Forest Cooperation and International Climate Action by Sungho Choi, Team Leader, AFoCO
Mr. Choi opened with an engaging presentation outlining AFoCO’s significant contributions to forest-based climate action. Since its establishment in 2018, AFoCO has positioned itself as a leader in forest cooperation, implementing 43 projects across 17 member countries with a combined value of $88.6 million. He highlighted AFoCO’s alignment with key mechanisms of the Paris Agreement, particularly Articles 5 and 6, which emphasize cooperative approaches for emission reductions and carbon market accessibility.
- AFoCO’s approach is underpinned by three main strategies:
- Measurable and Reportable Contributions: Integrating robust MRV (Measurement, Reporting, and Verification) systems to ensure that member countries’ efforts are accurately reflected in the UNFCCC’s Global Stocktake (GST).
- Scaling Up Cooperation: Expanding projects to bridge environmental, social, and economic objectives, transitioning initiatives from grant-based programs to those generating carbon credits.
- Marketization of Forest Outcomes: Enhancing the market value of forest-based initiatives to mobilize financial resources for sustainable management.
He also stressed the role of REDD+ as a tool to support NDCs through Article 6.2, enabling countries to create and trade Internationally Transferred Mitigation Outcomes (ITMOs). This approach, he explained, facilitates global climate commitments while fostering regional cooperation.
Korea’s REDD+ Cooperation and Policy Efforts for Oversea Carbon Enhancement by Soonjin So, General Manager, Korea Forest Promotion Institute
Mr. So shared Korea’s structured approach to achieving NDCs, emphasizing the role of public-private partnerships in driving successful REDD+ projects. Pilot projects in Laos and Cambodia were presented as examples of how such collaborations can unlock investments and deliver impactful results.
Applying Existing Market Infrastructure to Achieve National Goals by Mr. Hugh Salway, Senior Director, Gold Standard
Mr. Hugh outlined its rigorous certification processes and the importance of converging voluntary and compliance carbon markets. The presentation underscored the necessity of digital MRV systems for transparency and monitoring and detailed Gold Standard’s collaboration with AFoCO to strengthen capacity-building initiatives.
Voluntary Forest Carbon Projects and Policy Update on ITMOs, Cambodia by Mr. Delux Chhun, Director of Forest Industry and International Cooperation Department, Forestry Administration, Cambodia
Mr. Delux Chhun, Cambodia discussed Cambodia’s progress in transitioning voluntary carbon projects to ITMO compliance under Article 6.2. Challenges such as aligning methodologies and developing reliable tracking systems were highlighted, alongside the need for clear policy guidelines and stakeholder engagement.
Panel Discussion
A panel discussion followed the presentations, addressing the central question:
“What are the most urgent areas for strengthening forest policy and legal instruments, and how can your sector enhance collaboration?”
- AFoCO pointed to the critical need for comprehensive MRV systems that go beyond simple emissions tracking, highlighting existing gaps among member countries and the importance of capacity building to foster effective climate cooperation and create robust policy roadmaps.
- Gold Standard underscored the importance of accurate methodologies for crediting forest-based actions, ensuring project outcomes are genuine and sustainable. They noted that trust hinges on meaningful community involvement and the safeguarding of local livelihoods. Mechanisms like buffer pools were identified as essential for managing reversal risks and ensuring long-term project reliability.
- KoFPI highlighted the need for increased private sector engagement and awareness. Sharing insights from discussions with major Korean companies, such as Samsung and LG Electronics, KoFPI pointed out that while interest in REDD+ projects exists, there is often a lack of understanding. The development of attractive business models and showcasing successful pilots were seen as urgent steps to inspire private investment.
Mr. Sunpil Jin, Vice Executive Director of AFoCO concluded the event by emphasizing the vital role of forests in climate action and the need for collaboration and resilient partnerships to achieve sustainable development and global climate goals.
Submitted by CHA Minkyu, Carbon Projects Team
