Six panelists discussing on strategic priorities, sectors, and opportunities for mitigation activities that contribute to Lao’s development. - Vientiane Times/ANN
VIENTIANE: The Government of Laos, with support from the Government of Australia and the Global Green Growth Institute (GGGI), hosted the first Carbon Markets Forum to foster Laos’ participation in international carbon markets.
The forum took place on Thursday (Sept 26), co-chaired by the Deputy Director General of the Department of Climate Change, Ministry of Natural Resources and Environment, Amphayvanh Oudomdeth; Deputy Head of Mission, Embassy of Australia to Laos, Benita Sommerville; and Country Representative to GGGI Laos, Rowan Fraser.
The event gathered around 150 participants from government, civil society, development partners, and the private sector.
The initiative is part of the larger US$1.9 million Programme for Open and Sustainable Carbon Markets in Laos, funded by Australia’s Department of Foreign Affairs and Trade (DFAT) and co-implemented by the Ministry of Natural Resources and Environment and GGGI.
The forum provided the Government of Laos with an opportunity to disseminate important updates to its policy landscape and strategic directions to project developers and international partners.
“Laos has been working to align its laws and policies with international standards to engage in Article 6 cooperation, while also improving the efficiency and integrity of voluntary carbon markets, which were already active in the country,” Amphayvanh said.
“As of September 2024, the Government has progressed on an advanced draft of the Decree on Carbon Credits, which establishes a comprehensive framework for carbon project development and trading,” he added.
Sectoral efforts to develop and align additional regulations, particularly in energy and forestry, were also highlighted during the discussions.
Australia’s Deputy Head of Mission to Laos, Benita Sommerville, shared her country’s commitment to supporting Laos to achieve its climate objectives and participate in high-integrity carbon markets.
With integrity as the theme of this first forum, Sommerville said “Our focus is on ensuring outcomes on Article 6 deliver high standards of market integrity including through transparency and good governance and in a manner that upholds strong provisions for social and environmental safeguards.”
The governments of Japan, Singapore and the Republic of Korea shared their plans for cooperation with Laos on Article 6 and the strategic opportunities these will open for project developers.
The United States government also presented their administration’s recently published principles for high-integrity voluntary markets.
Private sector and civil society organisations played a central role in this first forum.
Several participating entities also pitched their carbon projects and set up booths to disseminate their work and attract potential investors.
GGGI’s Carbon Pricing Unit Director, Fenella Aouane, said “It is critical for Laos to prepare both the administration and project developers to be ready to engage in Article 6 cooperation as international buyers are refining their strategies and commencing negotiations to purchase credits for the achievement of their international or domestic climate goals.”
“This type of forum is therefore essential to activate and coordinate the market, through the exchange of information between those governing and regulating a market in Laos, to those planning to utilise it to accelerate climate action in the country,” she added.
The Ministry of Natural Resources and Environment, together with the Government of Australia and GGGI, will continue to implement the Programme for Open and Sustainable Carbon Markets in Laos to support Laos’ participation in international carbon markets. - Vientiane Times/ANN
