Cambodia has earned $11.6 million from 2016 to 2020 by selling carbon credits in the global voluntary carbon market.
Neth Pheaktra, secretary of state and spokesman of Ministry of Environment, said on July 30 that Cambodia has sold three carbon credit projects at the Keo Seima Wildlife Sanctuary in Mondulkiri province, the REDD+ Project at the Southern Cardamom National Park in Koh Kong province, and the Prey Lang Wildlife Sanctuary in Stung Treng province.
According to Xinhua news agency, Neth Pheaktra mentioned that large companies which have purchased carbon credits from Cambodia include Disney and Gucci. The carbon credits were evaluated by independent agency, which ensures that Cambodia is capable of adequately protecting natural resources.
The spokesman added that Cambodia and Indonesia are the only two Association of Southeast Asian Nations (ASEAN) member countries that have sold carbon credits.
Neth Pheaktra said the revenue from selling carbon credits has been used to support natural resources protection and local community development through creating local jobs in the ecotourism industry.
The spokesman stated that Cambodia has listed at least five more sanctuaries to its carbon credit sales, and that the Environment Ministry and its partner organizations are actively looking for volunteer buyers. “We’re optimistic that more large companies will buy our carbon credits in coming years,” he added.
According to Pheaktra, there are currently more than 70 protected areas and biological corridors in Cambodia, totaling 7.3 million hectares, or 41% of the country's land area.