Cambodia has cancelled seven projects that had been given the go-ahead to study the feasibility of earning carbon credits under the UN’s REDD programme over a lack of interest in taking up carbon trading, the Cambodia Daily reported.
The cancellations, announced Friday, put an end to seven of the eight projects Cambodia approved for feasibility studies between 2011 and 2013.
“We decided to cancel seven projects because they applied with the Ministry of Environment asking to invest in the projects, but we have seen they have no real desire to do it,” said Srun Darith, deputy cabinet chief at the Environment Ministry.
REDD aims to incentivise developing nations to halt deforestation by offering the opportunity to earn revenue through carbon credits generated by sustainable forest management.
However, the mechanism lacks a demand side beyond the voluntary market, while critics say that issues such as widespread corruption, power abuse and illegal logging threaten the credibility of projects in some host countries.