Adelaide-headquartered Cooper Energy announced it is participating in a A$1.1 million private public-NGO partnership to lay the foundations for nature-based carbon projects in Vietnam.
The partnership has three workstreams: a pilot reforestation project in the Dakrong Nature Reserve in Quang Tri province, Vietnam; capacity building in local project implementation organisations across the country; and exploring opportunities for wider carbon project initiatives in Vietnam.
The Australian Department of Foreign Affairs and Trade is providing funding and support to the project through the Business Partnerships Platform.
A matching contribution will be provided by Cooper Energy and the other implementation partners:
NatureCo – an Australia-based for-purpose business developing and implementing nature-based carbon projects in partnership with local implementation organisations across Asia, Africa, Latin America and the Pacific
Centre for Nature Conservation and Development – a non-profit and non-government organization working in research, biology conservation and sustainable development
One Tree Planted – a non-profit organisation with a mission to help global reforestation efforts, working in partnership with local communities to create an impact for nature, people, and wildlife.
The pilot phase is focused on the development of a circa 700-hectare reforestation carbon project scheduled for implementation in 2024. Subject to a detailed feasibility study, more than one million trees will be planted.
Cooper Energy Managing Director, David Maxwell, said the agreement demonstrates the company’s ongoing commitment to maintaining its valuable and cost-efficient carbon-neutral accreditation, as the company embarks on a significant period of growth.
“This agreement represents a low-risk, cost-effective, and highly scalable entry to the international carbon market. It is a unique partnership team bringing together expertise and funding from the private and public sectors to pave the way for high integrity, nature-based carbon projects to be developed in Vietnam,” Maxwell said.
Cooper Energy has been net zero for scope-1, scope-2 and controllable scope-3 emissions since FY20, and is committed to remaining carbon neutral, in line with the Company’s Sustainability and Energy Transition Strategy1. Over 33,000 tonnes CO2e were offset in FY22.
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