The 3rd Trust Fund Management Committee Meeting and the 9th Project Board Committee Meeting
On June 13, 2025, His Excellency Suon Sovann, Director of the Forestry Administration, chaired the 9th meeting of the REDD+ Project Management Committee, with the participation of the Korean side, Dr. CHA Junghe, co-chaired, Director of the Global Forest Resources Division of the Korea Forest Service (KFS).
The meeting was organized for the following purposes: 1) To review the progress of project implementation in 2024; 2) To discuss and approve the project’s action plan and budget plan for 2025. and 3) Review and discuss the global carbon market and discuss the second carbon credit verification action plan.
Chair and co-chair, TFMC members from FA and KFS, and PMU members participated in person.
The meeting discussed the agreed agenda items.
Strengthening Forest Protection through International Collaboration
Key 2024 achievements included the registration of eight community forests, over 1,000 joint patrols, and the successful prevention of illegal encroachments through the construction of 11.5 kilometers of boundary canals. Law enforcement efforts were equally impactful, with large-scale confiscations of illegal equipment and the demolition of illicit structures, directly contributing to the conservation of Cambodia’s forest ecosystems.
Strategic Planning for 2025 and Beyond
The Committee approved a budget for 2025, emphasizing four core strategies: strengthening land tenure security, enhancing forest law enforcement, improving local livelihoods, and expanding environmental education. Importantly, the project also aims to expedite the second round of carbon credit verification—a critical step for accessing climate finance. The process will align with Verra’s new VM0048 methodology, reflecting the project’s commitment to international standards and transparency.
An exchange gift session between the chair and co-chair
Carbon Finance and Capacity Building
The meeting also explored innovative approaches to carbon credit sales. With over 520,000 verified carbon credits already transacted, discussions centered on selling remaining credits, including a proposed 3% allocation for Cambodian capacity building. The Korea Forest Service expressed willingness to facilitate sales through Korean companies, reinforcing the project’s broader goal of sustainable financing for REDD+ initiatives.
Looking Ahead: Scaling and Synergy
As Cambodia prepares for the adoption of its third Nationally Determined Contribution (NDC) at COP30, the meeting also discussed the potential to expand REDD+ activities to the subnational level. While discussions on integrating Emission Reductions (ERs) as ITMOs continue domestically, both parties reaffirmed their commitment to long-term cooperation. Plans are now in motion for the 10th PBC and 4th TFMC meeting, set to take place in Korea in 2026—signaling continued momentum and shared responsibility in the fight against climate change.
More information about 2024 Activities, please check out our 2024 Annual Report