Phnom Penh (FN), Sep. 3 – Cambodia considers carbon credit a vital source of sustainable financing for greenhouse gas emission reduction activities, and Cambodia is open to partnerships with interested countries and the private sector, the premier addressed at the Taiyuan Energy Low Carbon Development Forum 2021 with the theme “Energy, Climate and Environment” on Friday.

“Cambodia has also carefully taken note of China’s initiative to develop and launch its National Carbon Trading Market. Cambodia has been successful in participating in the Voluntary Carbon Market for many years and is preparing some more works under the Paris Agreement on Climate Change”, said the premier.

Samdech continued: “Although Cambodia is a country with a low level of development, the Royal Government of Cambodia is highly committed and has set energy, climate and environmental issues as an essential and long-term policy agenda under the principle of “Common But Differentiated Responsibilities.”

In fact, on 31 December 2020, Cambodia submitted an Updated Nationally Determined Contribution (NDC) to the Secretariat of the United Nations Framework Convention on Climate Change (UNFCCC), with a goal of reducing greenhouse gas emissions by approximately 64.6 million tons of carbon dioxide equivalent by 2030 in the fields of forestry, energy, industry, agriculture and waste management. Furthermore, Cambodia has been working on a long-term carbon-neutral strategy, expected to be completed by the end of 2021.