Guizhou promotes development of forestry carbon sinks

Southwest China's Guizhou province has been actively promoting the development of forestry carbon sinks.

The cities of Guiyang, Bijie and Zunyi, as well as the autonomous prefectures of Qiannan and Qiandongnan in the province, have so far developed 13 forestry carbon credits, with financing credit of 510 million yuan ($69.7 million) and loans of 186 million yuan, achieving 10.89 million yuan of transactions.

These carbon credits cover forestry, bamboo forests, tea gardens and more.

To support the development of forestry carbon sinks, Guizhou province has issued several supportive policies and management regulations. The province has taken the lead in establishing a local market to centrally manage, develop, and trade forestry carbon credits.

On Feb 15, 2022, the first forestry carbon credit in Guizhou was issued in Qianxi city in Bijie, providing a financing loan of 5 million yuan for local enterprises through the pledging and guarantee of forestry carbon credits.

In July of this year, forest farmers in Jianhe county in Qiannan received carbon trading income paid by the Guizhou Bank, setting a precedent for expected income from Guizhou's carbon subscription payments.

Guizhou has also planned to increase its forest coverage rate to 64 percent and the standing timber stock volume to 700 million cubic meters by 2025. It aims to establish a measurement and monitoring system for forestry carbon sink at the provincial, municipal, and county levels, as well as promote the rapid development of the forestry carbon sink economy.