A forest-based carbon sink project in China's Sichuan province, which is said to be the world's first climate, community and biodiversity based forest carbon sink project, has been successfully registered at the CDM Council of the United Nations Framework Convention on Climate Change.
Under the project, 2251.8 hectares of forest will be developed in the degrading land of 28 villages in the five counties of Lixian, Maoxian, Beichuan, Qingchuan, and Pingwu in Sichuan province. The project is expected to achieve an emission reduction of 460 tons and a carbon dioxide equivalent of 603 tons.
So far, an agreement has been signed between Sichuan province and a company from Hong Kong which plans to purchase the 20-year carbon credits of the forest for USD6.5 per ton.
It is understood that a carbon sequestration forest can not only take in carbon dioxide from the air to slow down climate change, but will also increase water and land preservation capacity and increase the revenue for local farmers.